NASHVILLE, Tenn. (OSBORNE) -- Tennessee’s small business owners are breathing a little easier after Republicans lowered the tax rates for most small businesses as part of their tax overhaul proposal.
The changes came late last week as the House and Senate marked up the legislation in committee. In some cases, a small business could pay as little as nine percent on earnings.
Jim Brown is State Director for National Federation of Independent Business representing some 6500 business owners in Tennessee.
“We are pleased that the tax writers and both the House and Senate have recognized that small businesses play a critical role in the economy and they are working on specific provisions – different in both chambers – but are designed to support our growth.”
Brown says NFIB’s Tennessee membership is less pleased with the trillion dollar hit the national debt will take if the tax overhaul passes in its current form. Brown says his organization feels tax relief and a lower national debt are both possible.
“We tend to see some out there who say it’s an either or situation where it can really be a both and. It’s not as binary as some may be saying.”
Tennessee Senator Bob Corker has said repeatedly he will not vote for a tax overhaul that adds significantly to the national debt. Brown says NFIB is talking with Corker’s team, but are willing to push the Senator for a yes vote if he balks at the last minute.