WASHINGTON – Illinois Congressman Randy Hultgren's opinion about the pending tax reform measure is featured Friday in D.C.'s "The Hill." How will Illinois businesses fare in the proposal? Will the bill benefit those nasty rich people only?
One segment of his opinion piece explains how those "rich small business owners" actually do more than pay "their fair share":
The truth is that these “wealthy individuals” are actually successful businesses employing a lot of Americans despite their significant tax liability.
In Illinois these businesses often face a top federal income tax rate of 39.6 percent and a top state income tax rate of 4.95 percent. Many people don’t know that these employers must match the Medicare and Social Security taxes withheld from their employees’ paychecks. They are required to shoulder the entire cost of workers’ compensation insurance. Their offices and factories generate enormous property tax liability.
So when Americans opine these small businesses need to “pay their fair share,” the truth is they are paying several shares more than they should be. And they contribute more than anyone else to U.S. economic growth in spite of it.
What these pass-through businesses really need is a break.
Read More HERE.
