Washington, D.C., Sept. 28, 2020—The revelation that President Donald Trump, a self-proclaimed billionaire, paid just $750 in federal income taxes in his first years as president and no taxes for more than 10 years shows how unfair our tax code is–and delivers a stinging rebuke to hardworking small business owners across the country who dutifully pay far more in taxes every year.

Our financial system is corrupt and broken and rewards corporations and the wealthy at the expense of small business owners and the working and middle class. This dynamic was exacerbated by the Tax Cuts and Jobs Act (TCJA), which delivered a whopping 40% tax cut to corporations—slashing their tax rate from 35% to 21%—while giving small businesses half that as a temporary tax deduction that did little to help small business owners grow their businesses. We now are seeing situations where millionaires can pay $750 a year in taxes and Amazon can pay nothing. 

Our polling found that 65% of small business owners believe large corporations do not pay their fair share of taxes and that 48% of respondents said the TCJA law had no impact on their businesses' growth or profitability, with 24% saying it had a negative impact. On top of that, the $2 trillion TCJA busted our nation’s budget to deliver this corporate windfall, which Senate Republicans are now using as an excuse not to pass another round of financial relief to small businesses struggling to survive the Covid-19 pandemic. 

Without leadership that cares about the fate of small business owners, the system that the president has taken full advantage of will only get worse, making large corporations wealthier and further tilting the playing field against Main Street entrepreneurs. 

The tax code does not have to be written to favor large corporations and the wealthy. It can, and should, be constructed to help small businesses and the middle and working class people who patronize and work for them.

Small Business for America’s Future (formerly Businesses for Responsible Tax Reform) is a coalition of small business owners and leaders nationwide working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economic framework that works for small business owners, their employees and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.