Posted on 12/20/2017 10:28:32 AM PST by leaymane
Polls show most Americans, including most small business owners, do oppose the Republican bill overhauling the tax code, and believe the changes will disproportionately help large corporations and the rich.
But four of the five small business owners I spoke with for this piece lauded the bill, especially the provision allowing companies to immediately write off the costs of new investments in equipment and buildings. “This is huge for my business,” Ray Blum, who owns a Dairy Queen franchise in Grant County, W. Va., said of the equipment write off.
Blum broke down his business’s tight financial situation. Blum’s net sales are roughly $800,000 a year. Once he subtracts sales tax, royalties to DQ headquarters (10 percent of net sales), food costs (33 percent), labor costs for employees (30 percent), utilities, mortgage expenses, local taxes, permits, repairs and maintenance, uniforms and other assorted costs, his profit is about 3 percent. And that’s before federal taxes. “That leaves little money left for improvements or building upgrades,” he explained. “If these improvements are able to be written off, that is definitely an incentive.”
“Why anyone would oppose this bill is beyond me,” said Jack Brandenburg of Macomb County, Michigan. Brandenburg is a Republican state senator and owner and president of Blue Water Industrial Supply, which sells fasteners and shop supplies.
Mike Gooder of Howard County, Iowa, said the first lesson under the current tax code is, “don’t work your ass off, achieve and make a profit,” because most of that profit will be taxed away. Gooder, who owns Plantpeddler, an international wholesale plant business, lamented that in his company’s most successful year, “Uncle Sam and the state took over 30 percent. That really sucks.”
(Excerpt) Read more at 2020.washingtonexaminer.com ...
LMAO
Yep, only folks in Trump counties will benefit from tax cuts.
Yep, no business owner outside a Trump county could possibly want tax cuts.
So.... now that this thing is passed, I have a question.
How much less is the federal government going to be subsidizing and promoting high tax states by giving them tax breaks for it now?
That’s what I don’t understand about the Dems not voting for this. It’s going to bite them.
Hey, we elected President Trump, and he promised to work for us, so why are the Blue Staters surprised? Because they are used to Politicians who LIE TO GET ELECTED!
I know. In a matter of weeks folks will see a change in their income.
Why would you stick your neck out knowing you’d be revealed to be lying SOB in short order.
Rush says it will change on February 1st, so I was off by a month.
Yeah, they just fall for the leftist propaganda more...
Agreed...
“:^)
The same polls that had Hillary winning by a wide margin? Gotcha.
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