by Ray Hayes
President Trump has promoted a tax reform plan which he believes will lower taxes for small businesses. While this remains to be seen, the Democratic party does not seem to be convinced. According to the Democratic National Committee Chairman Tom Perez, almost every version of the President Trump and the GOP’s tax plan, “…overwhelmingly benefit superrich and corporations over hardworking Americans.”
During a recent rally in Missouri, President Trump (in usual Trump fashion), called out Sen. Clare McCaskill as one person who needs to support his tax plan moving forward. “We must lower our taxes and your senator, Claire McCaskill, she must do this for you, and if she doesn’t, you have to vote her out of office,” President Trump explained to a cheerful crowd of supporters. The RNC will be aiding President Trump in the coming weeks with a campaign of their own which will push Democrat lawmakers to pass the President’s tax reform plan.
In order to ease the mind and worry of many Americans, the SBA Administrator Linda McMahon released a statement on the subject in relation to small businesses. McMahon pointed out that, with the ever changing tax code, small business owners are forced to spend more money on teams of tax professionals. As results, owners are unable to use the money to hire more workers nor are they able to expand business. Therefore, McMahon concludes that if we pass the President’s tax reform, small businesses will see more money in their pockets and more jobs will be created.
In efforts to secure a legislative win in 2017, President Trump needs Congress to pass the tax reform bill. It will not only be a win for the President but also for small businesses if the new tax bill is beneficial to more than just the wealthy. The New York Times recently pointed out that if the tax reform is, “Done right, it would lower the top corporate tax rate to 25 percent or so, bringing it more in line with the rates of other developed nations. It would also raise revenue by eliminating special-interest loopholes and enacting a small per-trade tax on financial transactions to account for the growth of financial markets in the nation’s economy.”
Let’s see what happens in the tale of the tax reform saga.