From the Office of Congressman Jeb Bradley
(Washington, D.C.) - Yesterday, First District Congressman Jeb Bradley, Chairman of the House Small Business Subcommittee onTax, Finance and Exports, along with Rep. Sam Graves (R-Mo.), Chairman of the Rural Enterprise, Agriculture & Technology Subcommittee, held a joint hearing on the recommendations of the President's Tax Reform Panel relative to small business concerns. The Subcommittee heard from a number of witnesses who testified on the need for reforms to make the tax code simpler, fairer and more conducive to economic growth and how the proposed recommendations would impact their businesses.
"As a former small business owner myself, I understand the tremendous burden that today's tax code has on small businesses. Many small business owners are unable to effectively grow in today's economy because of the amount of time, energy and resources they must spend preparing their taxes," stated Bradley. "Small businesses are the leading force behind job creation in New Hampshire and the rest of the nation, and we must ensure that our tax system does not hinder their ability to grow and make positive contributions to our economy."
The President's Advisory Panel on Federal Tax Reform was established in January of 2005 to examine the impact of our nation's current tax structure and recommend options that would simplify the current tax code and make it fairer for individuals and businesses. The Panel offered two main alternatives to the present tax code: streamlining the current income tax and replace it with a progressive tax on consumption. Both plans require Congress to enact sweeping statutory changes to current federal tax law.