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1 Scott Hodge, The Startup Slump: Can Tax Reform Help Revive American Entrepreneurship: Written Testimony of Scott Hodge, President of the Tax Foundation before the Joint Economic Committee 1 (2017)

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                                                         Written Testimony of
                                                             Scott Hodge
                                                    President of the Tax Foundation

                                                Before the Joint Economic Committee

TESTIMONY 2017                    The Startup Slump: Can Tax



                                Reform Help Revive American

                                             Entrepreneurship?


                             Chairman Tiberi, Senator Heinrich, members of the Committee, thank you for the
                             opportunity to talk with you today about how to make our tax system more friendly
                             to entrepreneurship. The Tax Foundation's mission is to work toward a tax code that
                             doesn't stand in the way of success, so we applaud the interest in making our tax
                             code friendlier to entrepreneurs.

                             Despite our Byzantine tax code, America is a land of entrepreneurs. The dynamism
                             of our entrepreneurs-the willingness to try and possibly fail-is what separates the
                             U.S. from every other nation on earth.

                             Think about it, the most successful businesses on earth today-Apple, Amazon,
                             Google-all started out in American garages or college dorm rooms. Yet for all
                             of these success stories, there are dozens of other firms that never got over the
                             numerous speed bumps the tax code places between their garage and eventual
                             success.

                             Let's put ourselves in the shoes of a would-be entrepreneur named Maria, and see
                             what are the tax issues that she faces along the way. We'll then discuss how the tax
                             reform Framework would address her issues.

  TheTaxFoundationisthenation's  Maria is a young entrepreneur who has invented a smart scooter that could become
  leading independent tax policy
  research organization. Since 1937,  the next big thing in personal transportation. Let's see how the tax code impacts
  our research, analysis, and experts  her new  business.
  have informed smarter tax policy
  at the federal, state, and local
  levels. We are a 501(c)(3) nonprofit
  organization.
  ©2017 Tax Foundation
  Distributed under
  Creative Commons CC BY NC 4.0
  Editor, Rachel Shuster
  Designer, Dan Carvajal
  Tax Foundation
  1325 G Street, NW, Suite 950
  Washington, DC 20005
  202.464.6200
  taxfoundation.org

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