|
House examines tax codes
|
 |
March 12, 1998: 2:38 p.m. ET
Small biz committee explores ways to lower burden, promote job growth
|
WASHINGTON (CNNfn) - The House Committee on Small Business met recently to examine ways to lessen the tax burden on the nation's small businesses.
Committee Chairman Jim Talent, a Missouri Republican, said escalating federal taxes are lowering the take-home pay of American workers and the job growth of small business.
"Yet, the administration has submitted a [fiscal year] 1999 budget that would increase taxes and receipts on business by over $106 billion to achieve balance. This is a big disappointment for small business and for all Americans," he said.
Among those testifying at the hearing was Terry Neese, founder and chief executive officer of the National Association of Women Business Owners. Neese said a recent survey conducted by the organization showed more than 44 percent of its members wanted to simplify the tax code, 22 percent wanted higher rewards for investing and saving, and 20 percent wanted lower taxes.
"The current federal income tax is a mess. Its complications and inequities boggle the mind," Neese said.
Bennie Thayer, president and chief executive officer of the National Association for the Self-Employed, said the current Social Security system discriminates against the self-employed.
"They bear the greatest single burden in the current pay-as-you-go financing system and yet they face some of the most difficult retirement security dilemmas," Thayer said.
Thayer said Social Security payroll taxes on self-employed are currently 15.3 percent -- nearly double the 6.9 percent in 1993. He said that means many self-employed and small business owners are unable to save for their retirement because of the high tax rates and will be forced to depend on Social Security.
|
|
|
|
|
 |
|
