SBE Council chief economist Raymond J. Keating said, "In the current atmosphere, small business owners are worried about the threat of higher taxes. Moving in the opposite direction would be a welcome change. The debate should be about how to reduce tax burdens on the entrepreneurial sector of our economy. This 20 percent tax cut for smaller businesses is a step in the right direction."
SBE Council President & CEO Karen Kerrigan added, "Ideally, the Congress and the White House should have moved on early opportunities to fundamentally restructure the tax system where all rates are cut and the fix is permanent. This did not happen, yet small businesses desperately need relief. The 20 percent tax deduction would infuse small businesses with the capital they need to withstand economic headwinds and costs that continue to work against them."
A survey released last week by SBE Council found that higher gas prices were adding to the strain of small business owners. In fact, 43 percent of small business owners said their firms would not survive if gas prices remained high or increased further.
"Getting our nation's economy back to strong and sustained growth needs to be a top priority for our elected officials. High confidence and robust job creation in the small business sector is central to that end. The 20 percent tax cut for small business owners is not only needed, it will have an immediate impact on the economy," added Kerrigan.