Businesses Ready to Ditch Some Deductions for Lower Tax Rates

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Small businesses could live without some long-standing federal tax breaks if Congress lowers tax rates and broadens the tax base as part of comprehensive reform, a pair of business groups said the week of April 8.
The National Retail Federation made that assertion in public comments to the House Ways and Means Committee, and the National Small Business Association reported that 66 percent of businesses said in a survey that they would support tax reform that eliminates business-oriented tax expenditures in exchange for lower rates and base-broadening.
Their comments came on top of a December 2012 survey by the National Federation of Independent Business that revealed a majority of that group's members support lower tax rates, even if that means giving up credits and deductions that save money but make filing taxes more complicated.

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