This is Main Street’s Tax Code
by Kevin Brady on October 11, 2019 at 2:57 PM
This is what small businesses across the country have been doing since passage of the GOP Tax Cuts, according to a new survey released by the National Federation of Independent Businesses.
The survey found that local businesses were “optimistic” about the reforms Republicans implemented. The majority of small businesses said that the law has “positively affected their business” while also seeing lower taxes.
As a result of these tax cuts, these job creators have reported:
- Boosts in workers’ paychecks.
- Hiring of more workers.
- Expansions in their operations.
This is Main Street’s tax code. For the first time, small businesses can take advantage of a historic 20-percent deduction. This change in our tax code was designed to help small businesses compete, grow, and win.
Over half of small businesses said this deduction is a game changer.
“The vitality of the Small Business Deduction as a part of this law cannot be overstated,” said Brad Close, Senior Vice President of Public Policy at NFIB. “It is crucial that Congress makes the deduction permanent so small businesses will have more certainty about the future.”
The bottom line: While Democrats continue to hope for a recession and pledge to repeal these historic tax cuts, Republicans will work to ensure our tax code continues to help workers and Main Street businesses succeed.