On October 4, 2017, SGIA attended a congressional hearing titled, “Small Business Tax Reform: Modernizing the Code for the Nation’s Job Creators.” The hearing was held by the House Committee on Small Business. The chairman and a ranking member of the committee have introduced H.R. 3717 – the “Small Business Owners’ Tax Simplification Act of 2017” – with the goal of simplifying and modernizing the U.S. tax code for small businesses, startups, and entrepreneurs. H.R 3717 introduces a number of provisions to benefit small businesses, such as aligning estimated payment deadlines and tax filing thresholds, as well as tackling inconsistencies in reporting requirements.
Several witnesses spoke at the hearing regarding the introduced bill. Two of the witnesses are small business owners themselves, while the other two witnesses were professionals in the tax and accounting fields. All witnesses agreed that reform and modernization of the tax policy was necessary, with many arguing that this bill does not go far enough in reducing burdens for small businesses.
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