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Women Entrepreneurs Encouraged by Proposed GOP Tax Rate for Pass-Through Businesses

Thursday, September 28, 2017  
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For Immediate Release: Sept. 27, 2017

Contact:

Erin Musgrave
erin@emcstrategies.com 
(530) 864-7014

Women Entrepreneurs Encouraged by Proposed GOP Tax Rate for Pass-Through Businesses 

Statement by Women Impacting Public Policy President Jane Campbell regarding Congressional Republicans’ tax framework released today. Ms. Campbell is available for interviews upon request.

“We’re pleased to see that Congressional Republicans have listened to women business owners by proposing a new ‘pass-through’ tax rate of 25 percent in their tax framework released today.

More than 90 percent of all businesses in the U.S. are pass-through entities and 90 percent of women-owned businesses are small businesses. At the federal level, these businesses are subject to a top individual rate of 39.6 percent, in addition to state and local taxes, which can raise the tax burden as high as 43.4 percent.

 

Creating a new tax rate of 25 percent, as the framework proposes, would give a much-needed boost to many of the country’s 10 million women business owners.

 

While we’re also pleased to see a proposed repeal of the estate tax and alternative minimum tax, we continue to urge Congress to study how the tax code impacts women small business owners specifically before it moves forward with sweeping reforms. Research conducted by American University’s Kogod Tax Policy Center, which drew on a survey of 515 WIPP-affiliated women business owners nationwide, showed the majority of women business owners do not fully benefit from key tax code provisions because of how they’re legally organized or the industries they’re in.  

 

Women-owned businesses have more than doubled in number—from 4.1 million to 10 million—since Congress last overhauled the tax code in 1986. Women-owned businesses represent more than a third of all U.S. firms, employing 8.4 million people and accounting for $1.4 trillion in revenues. Yet, Kogod’s research also found a dearth of government research into how women business owners used the tax code. This means Congress cannot make evidence-based tax policy decisions to help women-owned firms.

 

The framework released today is a good start toward helping women business owners succeed, but more must be done to truly help them thrive.”

 

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About WIPP

Women Impacting Public Policy (WIPP) is a national nonpartisan organization advocating on behalf of women entrepreneurs—strengthening their impact on our nation’s public policy, creating economic opportunities, and forging alliances with other business organizations. www.WIPP.org


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