Ways and Means Committee Holds Hearing on Small Business and Pass-Throughs

On May 15, the Ways and Means Subcommittee on Select Revenue Measures (SRM) will hold a hearing on the small business and pass-through entity tax reform discussion draft released on March 12, 2013, by Ways and Means Committee Chairman Dave Camp (R-Mich.). The committee released the discussion draft to solicit feedback on the details of the draft proposals, which the committee intends to include as part of comprehensive tax reform legislation that broadens the tax base, lowers tax rates, and simplifies the tax code for households, small businesses, and corporations. Ways and Means Chairman Camp asked SRM Chairman Pat Tiberi (R-Ohio) to schedule this hearing to gather analysis from outside experts on the details of the discussion draft. In announcing the hearing, SRM Chairman Tiberi stated, “Small businesses employ half of the private sector workforce and earn about half of all business income in the United States, so it is a major concern that nine out of ten small businesses are forced to rely on paid tax preparers because the tax code is too complicated for them to understand.  We need our entrepreneurs using their capital to invest and create jobs, not to fill out paperwork and tax forms, and one of the Committee’s top priorities in tax reform is to help them do that.” Information on the hearing can be found on the Ways and Means Committee website here. For more information, please contact Brian Lenihan at (202) 547-4733 or lenihanb@agc.org.