Tax cuts will be ‘plowed right back into’ small business: SBA’s Linda McMahon
A Republican tax reform plan passed in the House and now the Senate is debating their version of GOP tax reform. Some Senators such as Sen. Ron Johnson (R-Wisc.) have raised concerns that the tax reform plan benefits big corporations too much and doesn’t do enough for small businesses in America.
Small Business Association (SBA) administrator Linda McMahon weighed in on the tax reform debate, telling FOX Business Network’s Stuart Varney, “I’ve talked to more than 450 businesses and without fail every one of those businesses have said, “look, let me have tax cuts, those tax cuts will be plowed right back into my business, they’re not talking about percentages, they’re not talking about where things are going, what they want are those tax cuts.”
John Arensmeyer, founder of the organization Small Business Majority told Varney on Wednesday that he would vote against the Senate tax reform plan in its current form.
“This isn’t about partisan politics, it’s about doing what is best for small businesses and right now the way the law is written is that the vast majority of the benefits are going to go to hedge funds, real estate investment trusts (REITs), and others at the very top end of the income spectrum while very little is going to go to Main Street small businesses,” Arensmeyer said on “Varney & Co.”
But McMahon cautioned that the tax plan is still being developed.
“I don’t know that that will be accurate Stuart because we don’t really know what the bill is going to be yet, I think it’s going through the right process, the amendments are being put forth, we’re voting, we’re actually debating this and this is the way the process is supposed to work.”
Varney then asked about reported proposals to cut the maximum tax rate on big corporations to 21% or 22% instead of 20% in an order to make room to give more tax cuts to small business.
“Well, I’m in favor of making sure that we can give small businesses as much as they need, but I am very supportive of the President’s agenda, I think he’s holding very closely to the 20%.”