Every day, thousands of small businesses in Wyoming work to provide important goods and services that Wyoming residents rely on and enjoy. This, in turn, supports our communities by creating jobs and boosting our local economy. These businesses are the cornerstone of our country’s economic growth and deserve a government that works just as hard to protect their interests. That’s why the Tax Cuts & Jobs Act recently signed into law helps support small businesses by lowering their tax burden and simplifying the tax code.
Before this new tax reform legislation, small businesses could be taxed at the highest individual rate, which put them at a disadvantage. Under the new law, many Main Street job creators will see a deduction of up to 20% on their business profits – reducing their effective marginal tax rate. This significant step in modernizing our tax code will strengthen the economy and bring in a wealth of opportunities for small businesses to thrive. After years of stagnant growth, small businesses will be able to rise to their greatest potential in a booming economy that rewards their daily efforts.
Small businesses will now also be able to benefit from write offs for the cost of new equipment and for the interest on loans. This empowers small businesses to utilize their resources in a way that best fits their individual needs, whether that be growing their business, employing more workers, increasing paychecks or other forms of job creation. In addition, the Tax Cuts & Jobs Act recognizes that communities across America rely on locally-owned businesses. It provides tax credits to support American products and services, knowing that every little bit goes a long way in helping businesses reinvest into their local communities.
As small businesses grow, they should not have to worry that their success will be penalized with estate taxes – especially when those dollars will help pass down their business to their children, grandchildren and later generations. By raising the estate tax exemption, the Tax Cuts & Jobs Act gives more relief to family-owned ranches, farms and businesses and, in doing so, helps protect the wishes of those who want to preserve a better life for the future.
With the Tax Cuts & Jobs Act, we committed to help the hardworking efforts of small businesses by providing them with the tax savings they need to move up the economic ladder. Heavy tax burdens and complicated filing requirements should not stand in the way of small business owners trying to support their families and the families of those who work at their businesses. The new tax law reinforces the values we have treasured in Wyoming for a long time: small businesses help our economy flourish. As we continue to successfully pass more reforms into law, the American people will witness even greater levels of growth.