12/24/2024
🎖️ Washington DC Here I Come 🎖️
As Executive Director of the Bigger Than Food Foundation, I am proud to announce our active participation in the Small Business Tax Fairness Coalition (SBTF), an initiative launched by Main Street Alliance (MSA) and Small Business Majority. This coalition is pivotal in advocating for tax policies that truly serve the entrepreneurial spirit.
As Congress prepares to review the Tax Cuts and Jobs Act (TCJA) with key components expiring in 2025, this marks a significant moment for small businesses nationwide. I, Apollo Woods, am honored to stand alongside 14 other entrepreneurs in February 2025 in Washington, D.C. Together, we will engage with members of Congress to discuss critical tax reforms and strategies for robust job creation.
Since 2018, Bigger Than Food has championed the cause of minority-owned businesses and Black entrepreneurs. As we join forces with the SBTF, we continue to represent and push for the interests of historically underrepresented businesses, particularly those in Oklahoma.
Richard Trent, the Executive Director of Main Street Alliance, shared this view: "Small businesses are the backbone of our communities, yet they often face a disproportionate tax burden. Through SBTF, we are providing entrepreneurs a strong voice to push for fair tax changes that prioritize Main Street over Wall Street."
The Small Business Tax Fairness Coalition targets two key objectives:
1. Bottom-up Tax Reform: Adjustments to the 20% 199A deduction are proposed to aid smaller businesses. This effort focuses on ensuring that tax benefits adequately support enterprises that form the community's economic foundation. Additionally, investing in affordable healthcare and childcare for employees is highlighted as crucial for attracting and retaining talent in small businesses.
2. Revenue Raisers: The Coalition supports maintaining fair corporate tax rates. Furthermore, it stresses the importance of continued IRS funding, aiming to ensure equitable taxation for all corporations while enhancing services for small businesses. This approach seeks to create a balanced tax system where small businesses are not overshadowed by larger corporations.
The current tax system predominantly rewards large corporations and wealthy individuals, leaving small business owners at a disadvantage. Moreover, it highlights that the TCJA’s 20% pass-through deduction has disproportionately benefited the top 4.5% of recipients—mainly white-owned businesses—while leaving many minority-owned small businesses overlooked.
Main Street Alliance and Small Business Majority urge small business owners, policymakers, and community members to join the Small Business Tax Fairness Coalition. Together, let's advocate for a tax system that supports entrepreneurship, generates quality jobs, and bolsters local economies.
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Your support Bigger Than Food Foundation’s mission to invigorate communities through economic development and cultural enterprise. Thank you for standing with us.
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