Tax Law is Boosting Main Street
WASHINGTON – Today, the House Committee on Small Business held a hearing to find out how the Tax Cuts and Jobs Act has affected small businesses. The Tax Cuts and Jobs Act was signed into law on December 22, 2017.
“After more than thirty years of thinking and talking about tax reform, this Congress produced and passed the Tax Cuts and Jobs Act,” said Chairman Steve Chabot (R-OH). “Beyond macroeconomic data trends, this tax law will be judged on its direct impact on the ground…This is what we are here to discuss today: The reactions, the impact, and the effects of the Tax Cuts and Jobs Act on small business owners across this nation.”
What Small Business Owners Said About the Tax Law
“As a direct result of tax reform we have upgraded and replaced 12 doors in the frozen foods section of our store during the past few months. This may not sound like big project to some people but that investment cost over $65,000 and most importantly provided work for our local refrigeration company,” said Mr. Wettlin Treppendahl, Owner of Treppendahl’s Super Foods in Woodville, MS.
“The tax reduction is huge and the extra in the company’s pocket is a big amount of money a small company can do a lot with. Until last year, many companies, including us, didn’t want to spend their money, but now, because of this big tax cut, any entrepreneur can see the opportunity to invest in its company with the goal to make more money for the company and its employees,” said Mr. Tibi Czentye, Chief Executive Officer of All Pro Solutions in Rock Hill, SC.
“The recent tax reduction in and of itself will have a positive impact on our employees and our business in 2018 and beyond. But when augmented by reduction in regulation and, most importantly, the hugely positive outlook by business leaders and consumers which started the day after the 2016 election, the resulting booming economy takes that positive impact of the tax bill and increases it exponentially,” said Mr. Gary Ellerhorst, President and CEO of Crown Plastics Co. in Harrison, OH.