According to key reports, the National Federation of Independent Business (NFIB), the largest small-business group in the nation, has reversed its stance on the GOP tax plan and is now backing the proposal. Initially the NFIB went against the GOP tax plan after pass-through businesses were left out of the tax decrease potentially leaving out up to 85% of small businesses nationwide (learn more HERE)
A proposed amendment from Rep. Kevin Brady (R., Texas), has changed the organization’s stance and would “provide a lower tax rate for smaller firms that wouldn’t otherwise qualify for the 25% rate on pass-through businesses such as partnerships and S corporations in his previous bill.” Although great news for small business I am a bit concerned as to how this would affect the budget if 85% of small businesses do qualify for lower taxes.
“We are very grateful to Chairman Brady for listening to our concerns and working with NFIB to ensure that tax reform benefits the greatest possible number of American small business owners,” Juanita Duggan, president and CEO of NFIB, said in a statement.
“This amendment would create substantial tax relief for millions of small business owners who were left out of the original bill. We urge Republican and Democratic members of the House to support this amendment going forward,” she added.