Washington, D.C. – U.S. Small Business Administration Administrator Linda E. McMahon celebrates the six month anniversary of President Trump’s Tax Cuts and Jobs Act with the following statement:
As we mark six months since President Trump signed the Tax Cuts and Jobs Act into law, we continue to see more Americans working. The unemployment rate of 3.8 percent matches the lowest level it’s been in nearly 50 years. As head of the United States Small Business Administration, I constantly hear from small business owners who are investing their tax savings in their companies and their employees – raising wages, providing bonuses and benefits, and creating more jobs. With more money in their pockets, Americans are spending again – and that’s good news for small businesses.
After years of uncertainty, small businesses now have the confidence they need to hire more workers or purchase new equipment. During SBA’s National Small Business Week bus tour, Mike Zaffaroni, Florida’s Small Business Person of the Year showed me his newest equipment purchase known to his landscaping company’s employees as their official “Tax Cut Truck!” This $80,000 truck and forklift was no small buy for his business but under the new tax law, Zaffaroni will be able to write off the entire cost of the purchase this year. “Without the tax cuts, we’re not so sure it would have been the right move for us financially,” he said. Along with the lower tax rates and other benefits of the law, he says his accountant estimates he’ll save 7 to 10 percent on his taxes this year. That’s a big saving for a small company like his, and it’s money he’ll reinvest in his business. “We’re going to be able to expand, we’re going to add a product line, we’ll be able to deliver more materials than we were able to before. We’ve actually already hired another driver, so that also adds another job.”
Small Businesses like this and many others are seeing significant growth and credit that to the President’s dedication to America’s workers. The federal government is back on the side of business, the economy is strong, and there are more jobs available than those seeking them. Now is a truly great time to start or grow your business!