Small business owners across the country are all asking the same question—is good news on the horizon with the GOP tax bill? With the new bill that aims to boost the economy by slashing individual and corporate tax rates expected to hit the Senate floor for a vote soon, there’s still a lot of uncertainty surrounding whether or not it’ll pass as is, or if changes will need to be made to get it through.
1851 Publisher Nick Powills appeared on Fox Business to discuss the impact that the tax bill could have on small businesses, and whether or not local owners are supporting it. Right now, Powills believes that there’s too much chaos surrounding the bill to know its fate.
“Small business owners are voicing their concerns, large corporations are obviously positioned well, the market looks great. There’s too much chaos at this moment to say this is going to go through the way that it is,” Powills said.
He added that small business owners are looking for more out of the tax reform bill, which is why they aren’t ready to fully throw their support behind it.
Powills said, “At the end of the day, the small business owner’s not making significant money. So when you’re talking about a tax bill that’s going to reflect a few hundred dollars to their pockets, they might not feel this is enough for them. Therefore, they’re going to be raising their concerns of what this will mean for them. For large businesses, they’re sitting pretty. They feel like this is going to give them the ability to grow, to invest, to hire—small businesses, maybe not the same. So small businesses actually want more out of this, and they’re going to be reluctant to say, ‘I 100 percent support this.’”
To watch the full segment, click here.