President Donald Trump swept into office promising to restore much needed economic growth to the nation. Making good on that promise, he recently announced, “Lowering the overall tax burden on American business is big league… that’s coming along very well… And we’re going to announce something I would say over the next two or three weeks that will be phenomenal in terms of tax.” The comprehensive tax reform plan is expected to address both the individual and business tax rates.
This is welcome news for taxpayers here in Assembly District 37, which I have the honor of representing, and across Nevada.
While it may seem that lately there is little agreement between Republicans and Democrats, the need to fix our broken tax system happens to be one of the few issues that span the partisan divide. Both parties know our current tax code is a burdensome mess that stifles job creation. Unfortunately, America’s small businesses feel that burden even more severely.
As a former small business owner, I know firsthand the time and money spent complying with a tax code that seems to grow increasingly more complex. Those valuable resources could be put to much better use by small business owners – investing and creating more jobs. Additionally, America’s small businesses often pay at an individual tax rate that can top out at over 44 percent. House Republicans have fortunately proposed cutting the small business tax rate to 25% in their tax reform blueprint. The House’s tax reform plan goes even further to protect Nevada’s business community by ensuring that Nevada-made goods do not face unfair tax barriers while foreign-made products no longer receive any special tax treatment.
It’s vital that lawmakers work together to produce a pro-growth tax code that works for all Americans and Nevadans.
Assemblyman Jim Marchant