Congressman Horsford Leads Efforts to Lower Small Business Taxes through Build Back Better Act
WASHINGTON, D.C. — Today, Congressman Steven Horsford (D-NV-04) announced that the House Ways and Means Committee’s proposal for tax reform in the Build Back Better Act will lower the corporate tax rate to 18 percent for very small businesses (income below $400,000) and maintain the current tax rate for businesses with income up to $5 million.
“Throughout the COVID-19 pandemic, small businesses have worked tirelessly to keep employees on payroll and move local economies forward. As we work to Build Back Better from the pandemic, supporting their recovery must be a top priority,” said Congressman Steven Horsford. “The Build Back Better Act’s tax cut for our nation’s smallest businesses will level the playing field for American entrepreneurs, and deliver a much-needed lifeline to businesses in underserved communities that have been disproportionately hurt by the pandemic.”
Congressman Horsford successfully advocated against proposals to raise taxes on small businesses through the budget reconciliation process. In addition to the tax cut for very small businesses, the Build Back Better Act would invest $25 billion in small businesses to increase access to capital, foster entrepreneurship, and keep the United States competitive on the global stage.
The House Ways and Means Committee will mark up the tax cut for small businesses on Wednesday, September 15, 2021. To learn more about corporate tax reforms in the Build Back Better Act, click here.
Geneva Kropper | firstname.lastname@example.org | 202-849-0251