Business

Small Businesses Left Out Of Tax Reform Debate

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(Black Enterprise) – This week, President Obama recounted his vision for individual and corporate tax reform during the State of the Union Address. Although his proposals seek to reform a variety of tax policies, there has been no mention of the largest portion of American businesses in need of substantive tax reform, reports the Tax Foundation, the nation’s leading independent tax policy research organization.

“Pass-through” businesses, which file taxes through the individual income tax code instead of the corporate code, account for approximately 95% of businesses in America, employ more than 50% of the private sector workforce, and face a marginal tax rate of more than 50% in some states, according to the latest study from the nonpartisan Tax Foundation. Pass-through taxation generally applies to partnerships and S corporations.

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