Billion dollar blind spot: how the U.S. tax code's small business expenditures impact women business owners

    By: Clair Fuller on Aug 07, 2017

    Caroline Bruckner writes, "In 1976, the U.S. Census Bureau (Census) released its first ever report on the state of women’s business ownership in the United States that counted 402,025 women-owned U.S. firms representing only 4.6% of all firms and 0.3% of all U.S. business receipts, as of 1972. Today, women-owned firms have increased to 11.3 million businesses representing 38% of all U.S. firms.

    During this period of extraordinary growth, Congress has acted to promote women’s business ownership by passing legislation designed to eliminate discriminatory lending practices and promote federal contracting and counseling opportunities for women business owners. At the same time, Congress has also worked to enhance the U.S. tax code (the “Code”) to aid small businesses with tax expenditures that will cost U.S. taxpayers more than $255 billion in the next five years under current law. However, at no point have policymakers looked at whether this will be money well spent when it comes to women business owners and the challenges they have growing their receipts and accessing capital.

    This report, in keeping with the mission of the Kogod Tax Policy Center (KTPC) to conduct non-partisan policy research on tax and compliance issues specific to small businesses and entrepreneurs, provides an initial assessment of how the Code’s tax expenditures targeted to help small businesses grow and access capital impact women-owned firms. The results are eye-opening."

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    Released: August 7, 2017, 9:22 am
    Keywords: NAWL News


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