March 15,2018

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Wyden Tax Scam Report Reveals Small Business Owners Are Facing More Uncertainty, Complexity Due To Trump Tax Law

Wyden: “What good is a small business deduction if money spent in accountant fees exceeds the tax benefit?”

Washington, D.C. – Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today issued a tax scam report outlining concerns from small business owners who say Trump’s tax law has created an increase in financial uncertainty. The report, Tax Code and Small Business: Even More Bizarre and More Unfair than Before,” also explores how Republicans’ new pass-through loophole may result in small business owners spending more on tax professionals than on growing their operation.

Republicans claim to want less government intervention, but with their new tax law they picked winners and losers—architects are in, accountants are out; engineers made the cut, doctors did not—leaving business owners wondering whether or not they were blacklisted,” Wyden’s report reads. “What good is a deduction if money spent in annual fees to your accountant far exceed the tax break? Main Street job creators will be lucky if they figure out how to calculate their deduction any time soon.”

"This $1.5 trillion hole in the deficit will provide minimal benefit to Main Street small businesses, as the vast majority of the tax law’s rewards will go to large corporations and the shareholders of a handful of wealthy pass-through entities," Small Business Majority Founder & CEO John Arensmeyer said. "Republican lawmakers blew a once-in-a-generation chance to craft reforms that could have made life easier for America’s small businesses. Instead, they passed convoluted tax cuts that will primarily reward their wealthiest donors. The new tax law is terrible policy, and we're already seeing that small businesses will pay the price."

According to Businesses for Responsible Tax Reform, a majority of small business owners don’t believe the tax law will help grow their business. 

You can read Wyden’s tax scam report here.