Call For Tax Reform Grows Louder

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Welcome to the Self Made. This is a blog focused primarily on the self-employed and micro-business and full of fantastic posts by not only our team of experts but by YOU!  We realize that there are many ways to help the small businesses out there which is why we invite other business minded individuals to post here and help the rest of the community as well.

Call For Tax Reform Grows Louder

May 11, 2012

Posted by Katie Vlietstra - Calls by advocates and organizations for Congress to begin work on comprehensive tax reform, individual and corporate, have been tempered thus far; however, in the last two weeks a growing number of groups have voiced alarm that neither the Senate or House have indicated when they will begin work on what could be the largest piece of legislation in the second session of the 112th.  

On April 24th, the House Ways and Means Subcommittee on Select Revenues Measures held a hearing on tax cuts that either expired in 2011 or will expire 2012; unfortunately, the Committee intentionally did not include the 75 tax cuts that expired in 2010 in the hearing notice. Of those 75 tax, the health insurance deduction for the self-employed and the start-up deduction are two tax benefits that the NASE knows directly help the self-employed community. We continue to advocate strongly the extension of these two provisions.

Additionally, the NASE went on the record in support of the extension of the individual tax rate, currently set to expire at the end of 2012.  As you know, the majority of the 22 million self-employed business owners file as individuals, and therefore, any change to the individual tax rate would significantly burden the self-employed community.  

We continue to advocate to congressional leaders the importance of addressing both individual and corporate tax reform in a methodical and deliberate process. Our gravest concern is that Congress waits to address the expired and expiring tax cuts in the “lame-duck” session and the subsequent bill is rushed and limited in scope.

The NASE will continue to work to educate lawmakers on the unique tax climate for the self-employed and encourage them to start the important work of tax reform, now, instead of later.

You can read the NASE’s statement for the record on the Ways and Means Subcommittee hearing here.

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