For months, we’ve been hearing that the tax cuts implemented by President Trump and passed by Congress last December was only for the wealthy. Only mega corporations and the wealthiest top 1% had any chance of seeing benefits.
Well, tell that to small businesses all over the country who are now thriving under the new tax code. It’s not just the taxes either, but the removal of numerous job-killing regulations that have allowed small business in Main Street USA to soar.
Kevin O’Leary of Shark Tank fame spoke on regulation cuts and their impact on the small businesses he’s invested in over the years.
“The reduction of regulations has been remarkable in how it has accelerated small business,” he said. “These things are quietly being changed, and I really — I credit the administration for doing this. They’re making it easier to run a small business in pretty well every state I’m involved in. So that’s working.”
Wettlin Treppendahl, owner of Treppendahl Super Foods and 4th generation store owner, spoke to Congress on July 25th.
“The new tax law has had an immediate positive impact on my family business’ ability to invest in our store and local community,” he said.
And invest they have. Job numbers are through the roof, and part of that has to do with small businesses reinvesting their money back into their business. Treppendahl said he was able to upgrade his store and hire new employees.
This has a ripple effect throughout whole communities. Not only do more people get work, the act of upgrading his store provided work for local contractors and a refrigeration company as he replaced 12 sections of the frozen food aisle. He also gave raises to his full-time workers.
We see this unprecedented growth all over the country with similar stories everywhere you look. It is even forcing the big companies to reevaluate their plans to leave the U.S. and decide to reinvest here. Ford was one of those companies, who chose to reinvest money into their plants in Michigan and hire more workers stateside.
Gary Ellerhorst, CEO of Crown Plastics in Harrison, OH is ecstatic by the boost in business.
“The recent tax reduction in and of itself will have a positive impact on our employees and our business in 2018 and beyond. 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,” he said.
Tiberiu Czentye, a Romanian immigrant and CEO of All Pro Solutions, a South Carolina based company, says the tax and regulation cuts have improved the outlook and optimism of business owners everywhere.
“Until last year, many companies, including us, didn’t want to spend their money,” he said in a statement to Congress. “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. Good feeling.”
While businesses owners are thrilled, there is a small concern. These provisions are only extended through 2025. The hope is that the tax and regulation cuts will remain permanent, but these issues change with the weather (and with whoever is in office at the time).