Washington, DC – Ways and Means Chairman Dave Camp (R-MI) and Select Revenue Measures Subcommittee Chairman Pat Tiberi (R-OH) issued the following statements today in response to the release of a report titled “The Flow-Through Business Sector and Tax Reform: The economic footprint of the flow-through sector and the potential impact of tax reform” examining the role of S Corporations in the U.S. economy.
Chairman Camp stated: “Today’s report serves as a strong reminder that any conversation about comprehensive tax reform must consider the needs of businesses of all sizes and structures. As we develop tax reform policies, we must be mindful of the increasingly prominent role of pass-through businesses and be mindful of how to address their needs in the context of comprehensive reform.”
Select Revenue Measures Subcommittee Chairman Pat Tiberi stated: “This report reinforces Dr. Carroll’s testimony before the Select Revenue Measures Subcommittee on March 3 by making a strong case that Congress must include the business structures most commonly used by small businesses in comprehensive tax reform. Dr. Carroll’s report warns that reforming corporate taxes in a vacuum could result in higher tax burdens for many small businesses; instead our goal should be to write a tax code that makes all businesses more competitive.”