WASHINGTON, DC – The National Venture Capital Association (NVCA) issued the following statement today after Rep. Dave Camp (R-MI), Chairman of House Ways and Means Committee, unveiled his proposal to reform the United States tax code.
“A wholesale rewrite of our nation’s tax code is long overdue. Streamlining and simplifying our tax code will contribute to lasting economic growth and improve America’s competitiveness in the global economy,” said Bobby Franklin, President and CEO of NVCA. “For America’s startups, a simpler, smarter tax code will liberate entrepreneurs, allowing them to spend less time complying with an antiqued tax code and more time investing in their businesses.”
“Venture capital investment is the rocket fuel that propels our nation’s economy. Ensuring that federal tax policy doesn’t hinder this important capital raising vehicle is essential to robust economic growth and American job creation,” added Franklin. “While we appreciate the substantive work that has gone into this reform proposal and applaud Chairman Camp for taking the initiative to tackle this important issue, the taxation of capital, particularly venture capital, is extremely complicated and needs to be approached in a prudent way. We are concerned certain aspects of the proposal, when combined, could negatively impact the startup ecosystem. NVCA and the venture capital community look forward to working with Chairman Camp and his colleagues on the Ways and Means Committee to address these concerns.”
