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Sunday, March 27, 2011

Tax reform and small business

There have been a few hearings this year in both Senate and the House on tax reform. For one of them, I submitted testimony for the written record - the House hearing on Small Business and Tax Reform. I hope it gets looked at. I've posted it to my 21st Century Taxation page - here. Here are the points I made and further explain in the written testimony:

  1. Define "small."

  2. Recognize trends including the growing number of self-employed individuals (part-time and full-time) and modernize the tax law to tie to today's ways of living and doing business.

  3. Use principles of good tax policy to identify weaknesses and how to address them.

  4. Simplify (and don't continue to complicate such as with numerous changes and temporary provisions).

  5. Consider integration of the corporate tax system before making rate changes.

  6. Consider administrative improvements including use of technology.

  7. Clarify worker classification rules.

  8. Resolve state tax issues that need to be addressed by Congress such as because the commerce clause is involved (nexus issues).

What do you think?

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