WASHINGTON, DC -- Ahead of the Senate Finance Committee’s hearing today, ‘Early Impressions of the New Tax Law,’ and in response to the nonpartisan Joint Committee on Taxation’s report for the hearing, Amanda Ballantyne, National Director of the Main Street Alliance, a network of small business owners, released the following statement:
“These tax cuts have never been about Main Street. The new 20 percent pass-through deduction gives real estate developers and private business moguls like Donald Trump billions in tax cuts, exponentially more than the average small business owner. The GOP’s sleight of hand with the pass-through deduction also adds a layer of complexity and uncertainty for real small businesses, the mom and pop shops on Main Street, who can’t afford expensive accountants and lawyers to help them game the system.
After conversations with thousands of small business owners, Main Street Alliance released a new report on our early impressions of the tax law. We found that the total impacts of the Republican tax scam on small businesses’ bottom lines far outweigh the nominal tax cut most anticipate receiving, and that in order to expand and hire, business owners say they need more customer demand - not a tax cut.”