Click HERE for a copy of Senator Collins’ floor remarks
Washington, D.C. - Today, U.S. Senator Susan Collins introduced an amendment that seeks to reduce the tax burden on small businesses, enabling them to create more jobs and grow our economy. The measure, which was supported unanimously by her colleagues, was included as part of the Senate Budget Resolution, which represents the first step in Congress’ effort to reform our nation’s tax code. Senator Collins spoke on the floor this afternoon to urge her colleagues to support her amendment.
Senator Collins supports making our tax system fairer, simpler, and more pro-growth, and she has been a longtime advocate for legislation to help small businesses remain healthy and strong. Her amendment puts the Senate on record that the needs of small businesses will be at the forefront as Senate Committees begin developing tax legislation.
Small businesses make an out-sized contribution to our nation’s economy, yet they face a tax burden that can reach nearly 40 percent at the federal level and can be significantly higher than the corporate tax rates that larger firms face. According to the Small Business Administration, small businesses employ nearly half of all workers and generate two-out-of-three net new jobs each year.
“It’s no wonder that a recent survey by the National Federation of Independent Business found that concerns about federal taxes on business income ranked third on the list of the top 10 concerns,” said Senator Collins. “With tax reform, we have the opportunity to fix this problem.”
“Increasing the number of good-paying jobs for Mainers is one of my top priorities. Maine is truly a small business state, with nearly 60 percent of residents employed by more than 141,000 small businesses,” Senator Collins continued. “By reforming our nation’s tax code and providing much-needed tax relief, we can help our small businesses thrive as engines of job creation and economic growth.”
Earlier this year, Senator Collins introduced the bipartisan Main Street Fairness Act with Senator Bill Nelson (D-FL), which would help to ensure that small businesses would not have to pay a higher tax rate than large corporations.