Despite other hearings being held in Washington this week of a more political nature, its nice to know that the Ways and Means Committee is continuing to search for ways to make life easier for small businesses, at least as far as complying with the Tax Code. A hearing was held by the Subcommittee on Select Revenue Measures on Wednesday, May 15, on the Ways and Means Small Business Tax Reform Discussion Draft.
It was noted by Pat Tiberi, chairman of the Subcommittee on Select Revenue Measures, that with the addition of the 3.8 percent Obamacare tax, small business pass-through entities , which pay tax at individual rates, will have a top federal tax rate of 44.6 percent.
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