202-224-4515, Katie Niederee and Julia Lawless
NFIB Endorses Senate Tax Bill
“NFIB strongly supports the Chairman’s Mark, as modified, to provide appropriate tax relief for America’s small businesses.”
WASHINGTON – The Senate Finance Committee’s modified chairman’s mark earned the endorsement of the National Federation of Independent Business (NFIB).
“On behalf of the National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, I am writing to thank you and your staff for your continued commitment to America’s small businesses,” NFIB President and CEO Juanita D. Duggan wrote in a letter.
She continued, “NFIB strongly supports the Chairman’s Mark, as modified, to provide appropriate tax relief for America’s small businesses. Ninety-nine percent of all American businesses are small, and they create half of all private sector jobs and contribute half the nation’s gross domestic product. The Chairman’s Mark will provide much needed tax relief to enable small businesses to grow and create jobs. NFIB strongly supports and urges the Committee to adopt the Chairman’s Mark.”
The modified mark will effectively repeal Obamacare’s individual mandate to help provide additional relief to low- and middle-income families, create more certainty for American job creators by ensuring business provisions – like the globally-competitive corporate tax rate and international tax system – are permanent, and work to address the so-called Byrd Rule to ensure the legislation complies with the Senate budgetary rules for reconciliation. The chairman’s modified mark also updates the measure’s pass-through provisions to better assist Main Street businesses and incorporates a variety of amendments that were filed by both Finance Committee Republicans and Democrats to better reflect member priorities.
The Senate Finance Committee will reconvene its committee markup of the Tax Cuts and Jobs Act this morning at 10 a.m. ET. You can watch here.
The chairman’s modification also includes additional tax relief for pass-through businesses (i.e., partnerships and S corporations), including services pass-through businesses. Taxpayers generating taxable income of up to $500,000 (married filing jointly) / $250,000 (all others) would be exempt from the W-2 wage limitation that otherwise might limit taxpayers from obtaining the full benefit of the 17.4 percent deduction on their qualifying pass-through income. In addition, pass-through income from services pass-through businesses for taxpayers with taxable income up to these levels ($500,000 / $250,000) would fully qualify for the 17.4 percent deduction.
A copy of the chairman’s modified mark can be found here.
A score of the modified mark may be found here.
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