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Does Small Business Tax Reform Overlook Small Business?

House Ways and Means Chairman Dave Camp, R-Mi., speaks to the press after a Americans for Tax Reform 2012 "Tax Day Eve" news conference
House Ways and Means Chairman Dave Camp, R-Mi., speaks to the press after a Americans for Tax Reform 2012 "Tax Day Eve" news conference Photograph by Chris Maddaloni/CQ Roll Call

When House Ways and Means Committee Chairman Dave Camp released a draft small business tax reform yesterday, the Republican congressman boasted that the bill contained proposals from both sides of the aisle. And indeed, some of the provisions in Camp’s bill—described as a “discussion draft” and intended as a stepping stone to a final law—were the types of proposals most any small business advocate could get behind.

The proposed law would expand deductions for startup costs, make permanent temporary rules that allow small businesses to expense purchases of equipment and property, and ease the burden of tax compliance by adjusting filing dates and letting businesses with $10 million or less in gross receipts use the cash method of accounting.