FOR IMMEDIATE RELEASE
P: 202-774- 8740
National ACE Encourages Congress to Adopt Bipartisan, Meaningful Tax Relief for Asian American and Pacific Islander Small Businesses
December 8, 2017
The Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship (National ACE) applauds Congress for advancing tax reform legislation, and urges leaders of both parties in both chambers of Congress to move legislation forward that will fix our broken tax laws.
For the first time in three decades, Congress is taking serious steps to overhaul the complicated U.S. tax code. National ACE believes small businesses cannot wait any longer for tax cuts and other targeted reforms that will help them grow their businesses and hire more people.
National ACE represents the business interests of Asian American and Pacific Islander (AAPI) businesses. AAPIs are the fastest growing ethnic population in the America, with approximately 21 million people. AAPIs own 1.9 million businesses, accounting for $700 billion in annual economic output and nearly 3.6 million jobs.
Most of these AAPI-owned businesses are small, and their tax compliance costs are 65% higher than for big businesses. According to studies, nearly nine out of every ten small businesses rely on outside tax preparers, costing small business owners almost $19 billion per year.
That is why National ACE urges Congress to cut tax rates for small businesses and for middle-class entrepreneurs, and to eliminate loopholes. Tax loopholes generally do not benefit small businesses.
“Strong tax reform policies should focus on making our businesses more competitive around the world and helping working families that rely on small businesses. AAPI businesses will benefit from a lower corporate tax rate, as well as full expensing of capital investments, which will ultimately allow families to keep more of their earnings,” said Chiling Tong, President & CEO of National ACE. “We look forward to working with Congress and President Trump to pass meaningful tax reform into law that will benefit small business.”
National ACE urges both parties to work together to ensure that final version of the bill sent to President Trump includes meaningful assistance for small businesses and entrepreneurs.
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