Life and politics from the Sunshine State's best city

Vern Buchanan’s small biz tax cut bill gets some love from Grover Norquist

in The Bay and the 'Burg/Top Headlines by

Anti-tax activist Grover Norquist, who once infamously said he’s like cut government down to the size “where we can drown it in the bathtub,” is publicly endorsing a small business tax cut proposal offered by Sarasota area Republican Representative Vern Buchanan.

The bill, dubbed the Main Street Fairness Act, would establish that businesses that file taxes as passthrough income, such as sole proprietorships, partnerships, LLCs and S corporations, will never pay a higher rate than a corporation.  Under current law, corporations pay a maximum tax rate of 35 percent, while small business owners pay up to 39.6 percent under the individual income tax code on top of additional taxes on earnings and investments. Buchanan says these small businesses pay more than 50 percent of their income in taxes in some states; in Florida, they face an effective tax rate of 42.6 percent according to the Tax Foundation.

“This important change helps ensure that businesses are on a level playing field for decades to come,” says Norquist, president of Americans for Tax Reform. “A key goal of tax reform should be taxing businesses equally, not discriminating based on arbitrary laws, and Congressman Buchanan’s legislation ensures this becomes reality. Members of Congress should have no hesitation supporting and co-sponsoring this pro-taxpayer, pro-small business legislation.”

Other business groups like the National Association of Manufacturers, Associated Builders and Contractors, the National Retail Federation and the Florida Chamber of Commerce, are all backing Buchanan’s bill.

The goal of tax reform should be to boost the economy and create more American jobs,” said Buchanan in a statement. “Even President Obama has called for reducing our corporate tax rate, but merely reducing the tax burden on corporations does nothing for more than 90% of American businesses.”

 

 

 

Mitch Perry has been a reporter with Extensive Enterprises since November of 2014. Previously, he served as five years as the political editor of the alternative newsweekly Creative Loafing. He also was the assistant news director with WMNF 88.5 FM in Tampa from 2000-2009, and currently hosts MidPoint, a weekly talk show, on WMNF on Thursday afternoons. He began his reporting career at KPFA radio in Berkeley. He's a San Francisco native who has now lived in Tampa for 15 years and can be reached at mitch.perry@floridapolitics.com.

Latest from The Bay and the 'Burg

Go to Top