Kimmie Candy Company Owner Joe Dutra on Thursday explained how President Trump’s tax plan will benefit small businesses.
Continue Reading Below
House Republicans rolled out their tax reform bill that lowers the corporate tax rate to 20% from the current 35% rate - a plan that involves a tax cut of $1.5 trillion.
“Any break we can get with the tax code helps us actually survive better. I think this tax break we are getting from the government could be just a real winner for small business,” Dutra told FOX Business’ Cheryl Casone on “Risk & Reward.”
However, not all House Republicans are on board with the tax plan, including Rep. Lee Zeldin (R-N.Y.) who tweeted, “I am a NO to House #TaxReform bill in its current form. A lot of good aspects, but it’s not there yet.”
Dutra also detailed how the GOP plan will impact local economies.
“If you can reduce corporate tax for small businesses like ours, we create more jobs. This money goes back to our local economies. Small business owners usually give back to their employees and I think we give it back in benefits and higher wages over time,” Dutra said.
A staple in the the GOP tax reform plan is to simplify the tax code by reducing the number of brackets from seven to four, with the new rates set at: 12%, 25%, 35% and 39.6%. Initially Republicans considered dropping the top bracket for high-income earners.
John Conrad, a president for a trucking supply company, said the tax breaks will help Americans across the board. During a CNN debate between Sens. Bernie Sanders (I-Vt.) and Ted Cruz (R-Texas), Conrad pressed Sanders on the issue of tax reform.
“I definitely think a tax break in general across the board makes a lot of sense. Anybody that wants to penalize someone for being successful by having them in a higher tax bracket than the rest of the country is unfair," Conrad said.