Are tax changes coming for small businesses?

According this Ernst & Young survey, “There is a strong desire among policymakers, the business community and the public for a tax system that is simpler, more conducive to economic growth and fairer… 42% of the respondents said federal tax reform would definitely or likely help their organization.”

In Minnesota, we begin with the 4th highest business tax rate but end up with the 11th lowest effective tax rate. Above and beyond our state’s $37 billion biennial budget, there is an additional $25 billion in tax expenditures. When it comes to business, few of these tax expenditures go to the state’s largest employer: small business. Small Business Minnesota plans to continue working toward tax-fairness for small businesses.

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