In Washington, there is often a political debate raging around the need for tax reform or tax relief. But there is not enough conversation about—or understanding of—how our tax code actually impacts the personal and financial lives of American taxpayers or the growth engine of American jobs, small business. Expanding our pragmatic knowledge of current tax laws and regulations and examining how broad-based tax reforms could affect individual taxpayers, small business, and the federal budget and deficit is critical to our individual and national long-term fiscal health.
Our goal at the Kogod Tax Center is to promote balanced, nonpartisan tax research and to increase public understanding of critical tax policy, planning and compliance issues. We are focused on examining the tax law's impact on three core groups of American society: small businesses, entrepreneurs, and middle-income taxpayers. Together these core groups serve as our nation's economic engine. We believe their success will help pave the road toward a stronger, more competitive American economy.
Indeed, today small businesses can take credit for creating two out of every three new jobs. Supporting small business success and encouraging innovation among entrepreneurs will ultimately spur faster job creation, a more resilient middle class—and increasingly important, a stronger competitive edge in the global economy.
We must ensure that tax policy and regulations foster innovation and economic growth, rather than inhibit it. The Tax Center will examine a range of questions central to that goal, including: how we can simplify the tax law to ease compliance and save time and expense for these three groups; whether particular credits and deductions are effective in supporting business success and middle-income tax relief; how future tax policy can encourage investment and innovation; and much more.
Our hope is to engage policymakers, scholars, practitioners, journalists, business owners and many others in meaningful dialogue on how we can make our nation's tax laws work better for all of us. We look forward to moving that conversation forward, and invite you to join us.