Henry Molded News

March 03, 2011

L-R: Dan Danner – NFIB, Douglass Henry – Henry Molded Products, Ron Wyden US Senator

Excerpts from Press Release of Senator Wyden
Independent/ Small Business Needs Tax Reform Too
NFIB Teams with Sen. Wyden and Cong. Tiberi to Make the Case for Comprehensive Reform Thursday, March

Washington, D.C. Douglass Henry, Henry Molded Products joined U.S. Senator Ron Wyden ,Congressman Pat Tiberi and NFIB President Dan Danner today to explain why Democrats, Republicans and businesses of all sizes stand to gain from comprehensive tax reform. Tiberi – a Republican from Ohio – chairs the House Ways and Means Subcommittee on Select Revenue Measures. Wyden – a Democrat from Oregon – chairs the Senate Finance Subcommittee on Trade, Customs and Global Competitiveness.

Mr. Henry emphasized that all businesses need a consistent stable tax code that will enable them to plan for the future. Lower rates provide more retained capital for business investment that directly enables job creation and gross domestic product growth (GDP).

"Tax reform needs to be on the table because it is a proven tool for generating jobs and economic growth. But let's not leave any business behind," said Senator Wyden. "Small business is the engine driving our economy. Helping them grow and reach new markets isn't just an opportunity for bipartisan common ground -- it's the single best way this Congress can create new jobs."

"As has been clearly demonstrated today, comprehensive tax reform must include individual tax reform, to ease the burden on America's job creators. Small businesses are the driving force behind the economy and reforming the tax code to empower small businesses to grow and create jobs will help bring back our economy," said Congressman Tiberi. "Now is the right time to move forward with reform and I'm willing to work with members from both sides of the aisle, in both the House and the Senate to create a tax code that is simpler, while encouraging economic growth and job creation."

"If we want to improve the competitiveness of the overall economy, it must include small businesses. Congress needs to focus on the tax rates and issues confronting them," said Danner. "This includes keeping individual tax rates low and reducing the complexity in the current tax code."

Small businesses account for nearly 50 percent of both U.S. GDP and employment and have provided 64 percent of the net new jobs created over the last 15 years. According to NFIB's most recent survey of "Small Business Problems and Priorities," small businesses identify the federal tax code, its overall complexity and other tax-related challenges as four of their top ten biggest concerns. Yet, recent tax reform discussions have focused almost exclusively on the corporate code, which, as NFIB reports, would not help nearly 75 percent of small businesses because they are partnerships, S Corps, LLC, LLP and Sole proprietors – and are therefore subject to the individual rates of the tax code.

The press conference participants identified the Tax Reform Act of 1986 as a model for bipartisan tax reform. More than 6.3 million new jobs were created in the two years that followed the '86 reform, which eliminated specialized tax breaks and loopholes to simplify the code and hold down rates for everyone.

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