Why small businesses are getting burned by the GOP tax bill

This is a huge problem for Republicans

A general store in Hillsboro, New Mexico.
(Image credit: Jan Butchofsky / Alamy Stock Photo)

House Republicans released their draft legislation for tax reform on Thursday. Then something remarkable happened: Groups representing small businesses all gave it a thumbs down.

Republicans (and Democrats, to be fair) tend to harp incessantly on the critical importance of small businesses. And these groups are usually reliable supporters of GOP efforts to cut taxes and regulations. Yet the National Federation of Independent Business (NFIB) declared it was "unable to support the House tax reform plan in its current form." The CEO of the National Small Business Association told CNBC he wasn't sure if his organization would back the reform plan. The Small Business & Entrepreneurship Council was also on the fence, supporting some aspects of the plan but not others.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.