On Monday, the House Ways and Means Committee began its multi-day markup on the Republicans’ tax reform bill.
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The Proposed Tax Cuts and Jobs Act, which was unveiled Thursday, aims to cut the corporate tax rate from 35% to 20%.
Former McDonald’s (NYSE:MCD) USA CEO Ed Rensi told FOX Business that the bill is great for small business and needs to pass “right now.”
“All franchise restaurants are small business people and they [have to] keep more of their own money… Reducing taxes will stimulate the economy and we will grow and help pay down the damn deficit,” he told Stuart Varney on “Varney & Co.”
The bill also shrinks the tax brackets from seven to four with rates of 12%, 25%, 35% and 39.6%. Concerns in high-income states including New York, New Jersey and California could end up paying more under the plan, which in Rensi’s opinion is warranted and will stimulate the economy.
“We can afford to pay those taxes a lot better than the small business man can or the shareholder that has stock [and] is trying to rely on that stock as a pension opportunity. So yea let’s raise the taxes on the rich.”
Republican lawmakers hope to have their bill on the House floor for a vote before Thanksgiving.