Bill Aims to Simplify the Tax Code Saving Time and Money for Small Business Owners
WASHINGTON, D.C. – Today, Keith Hall, president and CEO of the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-business community, applauded the introduction new bipartisan small business tax legislation, the Small Business Owners’ Tax Simplification Act of 2019, which aims to “provide small business owners with much needed clarity as they navigate the complex United States tax code by updating the code to reflect both technological advancements and modern business models.”
The bipartisan legislation was recently introduced by Congresswoman Nydia Velázquez (D-NY), Chairwoman of the House Committee on Small Business, and Congressman Steve Chabot (R-OH), Ranking Member of the House Committee on Small Business.
“We applaud both U.S. Reps. Velázquez and Chabot for their bipartisan commitment and support for America’s small business community,” said Hall. “Millions of small businesses, including the self-employed and micro-business community, lose valuable time and money by trying to navigate the maze of burdensome business regulations each year. This is time and money that could be directly invested back into their business operations, allowing them to grow and expand their businesses.
Easier for small business to complete their returns
“Our elected officials in Washington took extraordinary steps in 2017 to simplify the tax code and make it easier for small businesses to complete their tax returns. These businesses will realize these fruits this year while filing their tax returns. The bottom line: our tax code is outdated and cumbersome. But this new small business legislation, combined with the new tax system, are critical steps to modernizing our tax code so it is beneficial for all businesses.”
In the introduction of the bill, the committee described it by saying: “The bipartisan legislation would provide small business owners with much needed clarity as they navigate the complex United States tax code by updating the code to reflect both technological advancements and modern business models. Whether through allowing electronic signatures, amplifying anti-fraud measures, or clarifying cafeteria plan participation, this bill levels the tax code playing field for small businesses throughout the country.”
NASE submitted a letter in support of the new bipartisan legislation. NASE has long advocated for a more simplified tax code having supported the passage of the Tax and Jobs Act. Late last year, Hall penned an op-ed illustrating the impact the new tax system arguing that more American small businesses must educate themselves about how to make the new system work for them.
The National Association for the Self-Employed (NASE) is the nation’s leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.
The NASE Next Biz Thing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support.
The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association’s website at NASE.org