Elaine Parker of Job Creators Network (JCN) says this measure is a major win for small businesses. The Senate will make changes, but she expects good things from the bill.
“It makes the Tax Cuts and Jobs Act (TCJA) permanent, locking in lower rates, increasing revenues, and making a much more vibrant Main Street. What people need to understand is that this bill is not just keeping taxes low, but this is preventing a $4 trillion tax increase on our economy which will be devastating for our small businesses,” Parker explains.
Tea Party Patriots Action made similar comments to AFN. Jenny Beth Martin, co-founder of Tea Party Patriots, said spending should be addressed, but Martin told AFN that the bill does a lot for people and businesses.
An article from the JCN corroborates Martin’s claims. A poll found that, if the BBB is passed and the TCJA is expanded, 70% of small businesses will expand, creating more jobs and increasing wages. Approximately, one million new jobs will be created, economic activity will grow by $750 billion, and the gross domestic product (GDP) will rise to up to 3.8%.
Small business are certainly in favor of the bill passing. American small business support for extending the TCJA is 4-1, and even Democratic-run small businesses had a margin of 3-1 in favor of extending the TCJA.
Elaine Parker hopes that the Senate does not let perfection become the enemy of good. This bill can do a lot of good things for Main Street and middle-class hard-working Americans.
“It doubles the standard deduction, it expands the Child Tax Credit, and it exempts tax on tips and overtime pay. So, these are all things that the president campaigned on, and we're hopeful that this bill can make its way out of the Senate and to the president's desk by the Fourth of July,” Parker says.
