House Leadership Misses Opportunity to Help Small Business Owners

In failing to approve the motion to recommit on H.R. 8, a motion that would have amended the Tax Cuts for the Wealthy Act passed by the House yesterday and put the saved money toward small business expensing and deficit reduction,‰ legislators forfeited an attempt to help small business owners at a time when they need comprehensive tax reform the most. This motion would have produced tangible benefits for our nation's chief job creators. But as is all too often the case, politics got in the way of policy.

It was equally disappointing to see the House of Representatives pass H.R. 8, a tax plan that does nothing to address small business owners' needs. Extending tax cuts for high-income earners, which is what the act does, is not in line with small business owners' views, and it's certainly not in their financial interest.

According to our national opinion polling, 57 percent of entrepreneurs agree individuals earning more than $1 million should be taxed at a higher rate, and another 54 percent say earners above the $1 million threshold should pay a higher tax rate specifically to help reduce the budget deficit.

Entrepreneurs broadly agree they're at a disadvantage when it comes to taxes, and something needs to be done to level the playing field for them. That's why it was unfortunate to see so many lawmakers vote against the motion to recommit on H.R. 8. It could have been a positive first step toward refining tax policy in a way that works for real Main Street entrepreneurs.