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House GOP Tax Reform Proposal May Fall Short in Helping Small Business Owners

WASHINGTON — Tax reform provides an historic opportunity for simplifying the tax code while supporting and encouraging small business owners. PIA members own their own independent insurance agencies and are small business owners...
November 2, 2017

WASHINGTON — Tax reform provides an historic opportunity for simplifying the tax code while supporting and encouraging small business owners. PIA members own their own independent insurance agencies and are small business owners. Because most small businesses are organized as sole proprietors, partnerships, or Subchapter S corporations, they do not pay corporate income tax. Instead, their income “passes through” the firm and appears directly on their owners’ individual tax returns, where it is taxed as normal income.

“As PIA continues to analyze the proposal released this morning, we are concerned the legislation may not adequately benefit small business owners who organize as S corporations,” said PIA National vice president of government relations Jon Gentile. “We will continue to study this proposal and work to ensure that tax reform provides the badly needed relief for small business owners. PIA looks forward to working with Congress and the administration to address our concerns.”

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA’s web address is www.pianet.com.

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