Political Quotes

“last week, I rose to talk about the importance of tax reform. I believe this is a policy issue we cannot talk about enough and that we cannot emphasize enough. So, today, I rise to talk about how important the reform is to our small businesses, and in the coming weeks, I will be up here to talk about other important aspects of tax reform. We are all from different States and other parts of the country, but we all know small businesses are a major economic driver in our country, as 95 percent of businesses in the United States are small businesses, and that number is even higher in my State of West Virginia. Small businesses employ more than half of West Virginia's workforce. Yet our small businesses face a marginal tax rate as high as 39.6 percent. At the same time, their effective tax rate can vary widely. In fact, a CNBC survey showed that 22 percent of small businesses cannot really say what their effective tax rate really is. Think about that. If you are a small business that is a partnership or an LLC, then your profits are going to pass through to you and be taxed at the individual rate. There are currently seven individual tax brackets. Then you have credits and deductions. There is also a self-employment tax, and the list goes on. On top of that, small businesses can have Social Security and Medicare taxes, a Federal unemployment tax, and employment taxes.…”