July 30, 2018 3:15pm
Federal Tax Reform 2.0
Last week, the Committee on Ways and Means in the U.S. House released a framework for the next round of reforms to the federal tax code. These potential changes would function as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA), which ushered in the first major overhaul of the U.S. tax system in more than a generation.
The framework released last week rests on three pillars:
- Making permanent the temporary cuts to the individual income tax rate in the TJCA.
- Promoting increased savings.
- Spurring new business innovation.
While all three of these pillars are of interest to the business community in Greater Louisville, that third pillar caught our eye. Here’s how the framework described it:
- “Earlier this year, the United States dropped out of Bloomberg’s list of the top 10 most innovative countries in the world. We also know the nation that wins the innovation race wins the future. Start-up businesses are outsized contributors to innovation and productivity as well as job creation. As part of an annual focus on encouraging innovation, Tax Reform 2.0 will help brand-new businesses write off more of their initial start-up costs, and remove barriers to growth.”
GLI has long recognized and celebrated the importance of entrepreneurs to economic growth and innovation. Our entrepreneurial arm, EnterpriseCorp, works feverishly every year to support Greater Louisville entrepreneurs by providing new and aspiring small business owners with a range of key services. Earlier this year, GLI President & CEO Kent Oyler declared 2018 the “Year of the Entrepreneur.” Support for new businesses and startups has always been a core component of our legislative advocacy efforts.
With that in mind, we want to make sure the Greater Louisville congressional delegation is fully engaged in the development of “Federal Tax Reform 2.0,” but first we want to hear from you. Click here to tell us about your ideas on how reforms to the federal tax code could help entrepreneurs and startups.