Tax Cuts Fuel Small Business, ‘Engine of Economy’
Small Business Administration (SBA) head Linda McMahon said Tuesday there will be tax savings for small businesses in the GOP tax reform plan, and it will be reinvested to keep fueling “the engine of our economy.”
In an interview on TV the former founder, with husband Vince McMahon, of World Wrestling Entertainment (NYSE:WWE), hailed President Donald Trump’s support for small business entrepreneurs.
“Reform is going to cut tax . . . across the board for everyone, but the president’s direction was clearly the tax reform plan needs to be focused more on the middle class and small businesses,” she said.
She said the tax rate for small businesses is “the lowest rate in 80 years.”
“That’s going to mean a lot for small businesses especially with their pass-through income,” she said, adding entrepreneurs will be able to “put that money back into their business or start a business.”
“As I have traveled across the country and had business Roundtables and visited small businesses, every one of them tell me that if there are tax savings to be had in their businesses they will reinvest that money in their business,” she said. “So we’re going to continue to see that growth.”
She said The Trump Administration knows “small business are the backbone of the economy of our country . . . the engine of our economy.”
“What you’ve seen from President Trump is already is the rolling back of regulations of what we would like to see,” she said, as well as the “continuing lessening of the regulatory handcuffs on our small banks, especially our community banks.