Press Release - Sba Administrator Linda Mcmahon: "Here's How a Midstate Business Benefited From the Trump Tax Cut"

"As a result of their confidence in our economy, small business owners are creating jobs."

Here's how a midstate business benefited from the Trump tax cut

By Administrator Linda McMahon

The Patriot-News (Harrisburg, PA)

April 18, 2018

Artie Tafoya has big plans for the Appalachian Brewing Company, the Harrisburg-based craft beer and soda business he co-owns. He wants to add capacity, build his customer base and hire more workers. And thanks to the recent federal tax cuts, he's confident he can get it done.

"They've allowed us to look toward the future and decide we're ready to grow again," he said.

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Artie's optimism reflects what I hear from small business owners I meet with all over the country. And it's reflected in multiple surveys of entrepreneurs. In surveys done by the National Federation of Independent Businesses, the U.S. Chamber of Commerce, CNBC and the National Association of Manufacturers, members report their highest-ever levels of optimism.

As a result of their confidence in our economy, small business owners are creating jobs. The latest jobs report shows that since President Trump was elected, almost 3 million jobs have been created.

The national unemployment rate has fallen to 4.1 percent, the lowest it's been in 17 years. The number of people getting unemployment benefits is the lowest since 1973. Meanwhile, wages are on the rise - up 2.7 percent, the highest twelve-month rate during any calendar year since 2008.

These numbers aren't just good headlines. They have a real impact in on America's 30 million small businesses and in effect, the millions of people who own or work for them. They'll be taxed at lower rates. When filing taxes, most businesses will be able to deduct 20 percent of their business income. And for the next five years, they'll be able to write off a significant portion of the cost of investments in new equipment in the year the investments are made.

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Read the full op-ed here.