Small Business Endorses Tax Reform Principles

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Oct 02, 2012, 12:51 ET

WASHINGTON, Oct. 2, 2012 /PRNewswire-USNewswire/ -- The National Small Business Association (NSBA) today released its Tax Reform Checklist, which includes nine key principles any serious tax reform proposal ought to include. The current U.S. tax code is wildly complex and inherently unfair to small business, with nearly half reporting they spend more than 80 hours every year on federal taxes alone.

"Simply because Congress has put on hold the need to address the growing national deficit and impending sequestration, doesn't mean we will," stated NSBA President and CEO Todd McCracken. "Our members are serious about tax reform and we hope policymakers are too."

Tax reform and addressing the national deficit are among the top issues small-business owners want Congress to address. These priorities, coupled with the failure of Washington, D.C. to work together on a solution, spurred NSBA to develop its Tax Reform Checklist as a guide for lawmakers who must soon tackle the inevitable task of getting our financial house in order.

The nine principles of the NSBA Tax Reform Checklist are:

Designed to tax only once
Stable and predictable
Visible to the taxpayer
Simple in its administration and compliance
Promote economic growth and fairness between large & small businesses
Use commonly understood finance/accounting concepts
Grounded in reality-based revenue estimates
Fair in its treatment of all citizens
Transparent

"While we believe strongly that the Fair Tax is the best way to proceed, the dire financial situation we find ourselves in necessitates that we—lawmakers included—work together to find a solution." stated NSBA Chair Chris Holman, CEO of Michigan Business Network.com and President of The Greater Lansing Business Monthly. "And any solution must adhere to these nine principles."

Please click here to view the Tax Reform Checklist.

Celebrating its 75th anniversary, NSBA is a staunchly nonpartisan organization advocating on behalf of America's entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S., and we are proud to be the nation's first small-business advocacy organization. Please visit www.nsba.biz.

SOURCE National Small Business Association