COMMITTEE on WAYS and MEANS

Chairman Dave Camp

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Employers and Experts Continue to Offer Positive Feedback on Small Business Discussion Draft

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Washington, Apr 2, 2013 | comments
‘“[M]ost companies will find value from the easier accounting’ proposed by Camp.  ‘It would surely simplify the hodgepodge of tax codes that deal with partnerships and S Corps,’ he says, adding that ‘a unified system should make it easier for companies like mine to comply with the rules.  I think Dave Camp is on to something.’”
(Termax CEO William Smith, CFO.com, March 20, 2013)

“This is an important step forward on the road toward comprehensive tax reform.  The special attention Ways and Means focuses on small businesses is truly warranted.  One of the major issues plaguing the economy today is the unfair burden taxes place on small businesses.  The Ways and Means draft legislation would ease the burden of small businesses complying with our onerous tax code.  It also paves the way for Ways and Means to address the larger inequities harming small business.”

(Heritage Foundation, March 19, 2013)

“The Section 179 proposal is intended as part of an overhaul of the entire tax system.  Other suggestions in the draft include doubling the deduction for start-up costs.  Groups that lobby for small businesses say circulating the proposal publicly before it becomes a bill is a good move. ‘This is the first time that I can recall when there's been a tax-reform discussion framed this way,’ said Todd McCracken, CEO of the National Small Business Association.”

(Associated Press, March 26, 2013)

“This draft moves the tax reform conversation forward, addressing many of the concerns the small business community faces and how the tax code can work better for America’s entrepreneurs….  This discussion draft puts forth a legislative frame work that simplifies the tax code, lowers individual tax rates and modernizes the rules that govern pass-through entities.  This will allow businesses to retain more of their earnings to invest in creating jobs and spurring economic growth.”

(National Roofing Contractors Association, March 13, 2013)

"I give the chairman and his staff credit for trying to make some structural reforms beyond the headline-type issues….  This is the type of thing that is potentially a needed reform that doesn't capture the public's fancy but actually might improve the law."

(Professor George Yin - University of Virginia Law School, Tax Notes, March 18, 2013)

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