Washington Watch - May 9, 2018

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Washington Watch - May 9, 2018

NASE Tax Survey Shows Small Business Owners Don’t Understand New Tax Law

Thank you to those NASE members who participated in our recent tax survey, the results were very illuminating and helpful as we continue to advocate for you in Washington, D.C. It is clear that for many small business owners, nearly 83%, have no clear understanding of how the tax bill will impact them.

Additional data points include:

- Over 90 percent of respondents felt the government did not adequately prepare them for the new tax system.

- Survey takers were split on if they expected to pay MORE or LESS in overall taxes in 2018.

- Almost 60 percent of those who took the survey responded they felt their taxes would be more difficult to complete in 2018 because of the new tax law.

- Over 90 percent indicated the government can still take additional measures to ease the tax burden.

You can review the full results here.

NASE Joins Small Business Roundtable

NASE is proud to announce that we have joined the Small Business Roundtable. NASE has joined forces with the nation’s leading small business and entrepreneurship organizations to form the Small Business Roundtable (SBR), a coalition dedicated to advancing policy, securing access, and promoting inclusion to benefit the 30 million small businesses at the heart of the American economy.

Like our fellow members of SBR, we are committed to improving the entrepreneurial environment. We are delighted to work alongside the Small Business & Entrepreneurship Council, National Association of Women Business Owners (NAWBO), National Small Business Association (NSBA), the U.S. Black Chambers, Inc. (USBC), and the Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE).

Keith Hall, President & CEO of NASE said: “While ‘small business’ makes for great rhetoric, its advocates rarely are included in major policy decisions. The leading goal of SBR is to ensure a proverbial seat at the table. We must guarantee that our voice—the collective interests of our members—is not only heard, but sought after. We look forward to working not only with traditional partners, but reaching out to new allies across the political and economic spectrum.”

The coalition was established to give the small business associations a more cohesive voice on public policy. It will allow us a place to share information and increase the influence of our organization.

Additionally, it will become a one stop shop as a place to share information for the small business and entrepreneurship community.

Learn more about the Small Business Roundtable!

President Trump Announces Rescission Package

On Tuesday, May 8, President Trump announced a $15 billion rescission package to claw back previously approved federal spending. OMB Director Mick Mulvaney briefed Congressional Republicans on the package earlier this morning. Roughly $7 billion of the cuts in the proposal would come from the Children’s Health Insurance Program (CHIP), and the plan does not attempt to cancel funds from the $1.3 trillion omnibus bill approved earlier this year – an idea the administration had previously explored.

Of note, the proposal rescinds:

- $5.1 billion from CHIP funding to states

- $1.9 billion from CHIP state contingency fund

- $800 million from CMMI

The rescissions transmittal package – including the Presidential message to Congress, a letter from Director Mulvaney to President Trump, and technical materials – can be viewed here.

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