Small business tax plan

Published 10:54 pm Friday, November 3, 2017

In Georgia alone, there are 300,000 businesses employing workers each year. Of these, 94.2 percent employ fewer than 50 employees, yet they often face a steeper tax burden than big corporations with a larger workforce and more revenue.

Aaron McWhorter, a small business owner with two businesses in the third district, employs a total of 180 folks and says that he has been able to expand his businesses over the years, but always in spite of our current tax code. By reforming our tax code, we will give main street business owners like Aaron more money to reinvest in their businesses, their employees and their communities.

Our tax plan would level the playing field for small businesses by cutting their taxes to the lowest rate since before World War II. This tax cut would guarantee that small businesses won’t face higher a higher tax burden than their corporate counterparts. To ensure this does not become a loophole for tax avoidance, we will also put strict guardrails in place to prevent abuse.

Our tax plan also addresses the threat of the death tax. Our tax reform framework would eliminate the death tax and give businesses the opportunity to write off new investments, like equipment . This encourages entrepreneurs to grow their businesses instead of punishing them for their successes.

These changes not only help existing small businesses, they lower the cost of entry for budding innovators and entrepreneurs across the nation. High taxes discourage newcomers from turning their ideas into brick and mortar businesses. By lowering the tax burden on new companies, we can bring more folks back to main street and allow everyone to succeed in a thriving economy.

Small businesses are critical economic drivers and job creators. When they succeed, so do our communities and neighbors. Now, we have a tax code that punishes small business owners for succeeding rather than rewarding their hard work. Our tax reform plan will change that. We will reinvigorate main street by giving current small business owners the opportunity to expand and new entrepreneurs the chance to enter the marketplace — unlocking the opportunity for everyone to access the American dream.

Drew Ferguson is the representative of Georgia’s third district in the U.S. Congress.