A new National Small Business Association survey released showed the tax code is a major burden on American's small businesses.
The survey, released Thursday, found that 84 percent of small business owners have to pay an outside practitioner or accountant to handle their taxes. Thirty-eight percent reported they spend more than two work weeks a year dealing with federal taxes.
"Federal taxes have huge implications on small businesses, with 74 percent reporting that federal taxes have a significant to moderate impact on the day-to-day operation of their business," NSBA President and CEO Todd McCracken stated.
"Just imagine the collective business and job growth that could be done absent that burden," the NSBA report added.
It concludes by saying that "the tax code is inherently unfair to small businesses, and the time for serious tax reform has come."
Weighing in at more than 70,000 pages, "Our tax system punishes work, investment, risk taking and entrepreneurship and is unquestionably broken," McCracken said.
"Given that the overwhelming majority of small businesses (83 percent) pay taxes on their business at the personal income level, or are so-called "pass-through" entities, a broad reform of our tax system is the best way to truly help small business and ease the massive, and growing tax burden," said NSBA Chair David Ickert of Air Tractor, Inc. in Olney, Texas.
NSBA is a staunchly nonpartisan organization advocating on behalf of America's entrepreneurs.
Click here to download the full report.