During the first Trump administration, Congress passes tax cuts and jobs (TCJA), which has helped repair the economy of all sizes, including smaller sizes, including smaller sizes in all over the country.
Now, however, the tens of millions of small businesses that benefited from the lower rates, tax cuts, reductions and other reforms made by the tcja face a looming tax hike if congress doesn’t act soon. That is because most of 2017 most important cuts of tax law and reductions at the end of the year, and others should be restored.
Some of the provisions of TCJA, scheduled by the sunset at the end of 2025 or has expired, including 20% eligible research research and equipment. For farmers, the ability to spend these investments in the same year they are made and carried online makes a lot of difference, supporting agricultural economy.
In addition, TCJA has reduced corporate tax rate from 35% to 21%, which brings the offense tax on businesses that are larger than other countries.
That is not only helpful to strengthen America’s competition in the most economical economy, but it also provides needed support for rural support for rural manufacturers, manufacturers, and a variety of businesses.
In contrast to popular faith – or perhaps deliberate misinformation – the lowest corporate tax rate cannot benefit only “great business.” Most traditional “C-Corporations” small business, with almost 85% of them with fewer than 20 employees. TCJA provides many incentives for many small businesses to structure themselves as C-Corporations to take advantage of low tax rates.
That makes critical for legislators to avoid calls to increase corporate tax rate to help with TCJA tax cuts. Respect for a high corporate tax rate is similar to raising taxes in the main streets and rural businesses struggling with their doors after high inflation. It weakens the change, risk of competition, and eliminate economic growth we have seen since the passage of TCJA.
On the road to the campaign, Trump makes a direct appeal to the countryside communities around the country, which promises to change Media America. Today, these small businesses and communities assisted by 2017 are to see most profits wiped if tax cuts are not expanded and made permanently.
The White House worked with the Republicans in the House of Representative to indicate the law to ensure R & D tax elements to help maintain business revolution.
Robert Majerus is a member of the business business and a small business owner in Montana.
