More than 20 members of the International Franchise Association joined President Trump and Small Business Administration Administrator Linda McMahon at the White House this week for a discussion on tax reform.
“Few people realize the outsized impact the franchise industry has on our economy,” said IFA President & CEO Robert Cresanti. “Behind well-known franchise brands are small business owners who create jobs and provide millions of Americans with essential workforce development training.” Mr Cresenti said he looked forward to hearing the administration’s plan to tackle “one of small business’s biggest growth barrier—tax reform.”
Franchise businesses have been growing at twice the rate of non-franchise businesses for the last five years, according to IFA – generating more than one million new jobs and making them a crucial part of the U.S. economy.
Tax reform is one of IFA’s most important legislative priorities and the group expects President Trump’s plan to include significant beneficial changes for small business owners. Currently, 75 percent of small business owners file at the individual rate, which is capped at 39.6 percent, while larger corporations file at a top rate of 35 percent.