I had the opportunity recently to attend a roundtable discussion on the need for permanent, comprehensive tax reform that will jumpstart the nation’s economy and help Nevada’s small businesses flourish. Held at All In Aviation in Las Vegas, small business owners detailed the onus our outdated tax code places on them as they work hard to grow and succeed in a competitive environment.
Many Nevadans would be surprised to hear that the last time the federal tax code was reformed was 1986. Since that time, it’s grown astronomically both in length and complexity, stifling economic growth and job creation.
Nevada’s small businesses need a simplified tax code that lowers the tax rate and moves the United States to a territorial tax system so that companies will not be taxed twice for income earned overseas. Fortunately, another attempt at reform is on the horizon as Congress appears ready to run with the tax reform ball. Let’s hope they don’t fumble before they reach the end zone.