Maloney Calls For Fair Taxes For Small Businesses
WASHINGTON – At a hearing of the Joint Economic Committee (JEC), Ranking Democrat Carolyn B. Maloney (D-N.Y.) called on her colleagues to help shape tax policy that is favorable to small businesses and that encourages growth.
Maloney noted that small businesses are the backbone of the United States economy and have led the economic recovery through the creation of 6 million jobs over 17 straight quarters. “Today, small businesses are leading the economic recovery,” Maloney said. “Small businesses have added more than 6 million jobs over 17 straight quarters of small business job growth and the share of small businesses planning to add jobs is back near its pre-recession average.
“While this reflects major progress, there is more that should be done to support small business growth. As President Obama has proposed, Congress should simplify and cut taxes for America’s small businesses to increase investments and reduce costs.”
Maloney said she supports additional tax relief for small business, as long as it benefits legitimate small businesses, and she endorsed the Obama Administration’s tax reform plan, which would simplify and cut taxes for small businesses, including by expanding expensing provisions and allowing more small businesses to take advantage of simpler cash accounting rules.
“We must make sure that any tax reform benefits the small firms,” Maloney said. “For reform to work, it must be comprehensive and it must be bipartisan. There is no other path forward.”