My Profile   |   Contact Us   |   Sign In   |   Register
News & Press: WIPP News Releases

WIPP Statement on Tax Reform

Wednesday, January 14, 2015  
Share |

WIPP Statement on Tax Reform

January 13, 2015

Regardless of industry or size, the one factor impacting the bottom line for women-owned firms and all businesses is the tax code.  Tax reform is becoming an increasing concern for women business owners as their numbers and revenues grow.  As of 2014, it is estimated that there are nearly 9.1 million women-owned businesses in the United States, generating over $1.4 trillion in revenues according to the 2014 State of Women-Owned Businesses Report by American Express OPEN.  In fact, this study highlights that between 1997 and 2014, when the number of businesses in the United States increased by 47%, the number of women-owned firms increased by 68%—a rate 1½ times the national average. 

As Secretary Lew meets this week with small businesses, WIPP wants to convey to Congress and the Administration that now is the time to invest our energy in reforming the tax code to stimulate business investment and help our nation’s small businesses to grow and create new jobs.  WIPP believes that policymakers must tackle reform in both the corporate and individual tax arenas, lowering the corporate tax rate while also addressing the needs of a large percentage of business tax filers such as S Corps, Partnerships, LLCs and Sole Proprietors that file through their individual returns.

According to the Tax Foundation, between 1980 and 2010, pass-through entities have nearly tripled, totaling 30.3 million entrepreneurs.  Net income generated by these small, pass-through firms has exceeded C Corp net income since 1998 with few exceptions.  Given these statistics, business tax concerns cannot only be discussed in the context of corporate tax reform only —the bulk of the business activity is impacted by the individual tax rates. 

With the growth in the number and revenues of women-owned firms over the past 17 topping growth rates of all other privately held businesses over this period, WIPP believes tax reform is critical to the continued success of women-owned firms.  While there is broad agreement among the business community that the tax code is in need of reform, WIPP’s members believe relief for all businesses, large or small is the right thing to do.  The tax overhaul effort should be comprehensive, considering corporate and individual rate reform together, not separately. 

 


more Calendar

12/6/2016
WIPP Procurement Committee Meeting

12/6/2016
2016 PG&E Boots to Business Workshop

12/8/2016
ChallengeHER Dallas/Ft.Worth Metro

12/14/2016
ChallengeHER Washington D.C.

12/14/2016
Give Me 5: GSA Special Unit - Demystifying the Price Reduction Clause

Featured Members
Janice HamiltonNational Partner of the Month: December 2016. Read about Janice's business bit.ly/2fTPwBF

Privacy Policy / Disclaimer    |    © WIPP  |    888-488-WIPP

Association Management Software Powered by YourMembership  ::  Legal