President Donald Trump is scheduled to meet with small business owners today to talk with them about the struggles of running their businesses and is expected to push his plan to cut tax rates for small businesses.
Watch live above, scheduled to start at 3 p.m. EST.
Back in April, Trump announced his plan to lower the tax rates for small businesses from 35 percent to 15 percent. A press briefing led by Gary Cohn, director of the National Economic Council, and Steven Mnuchin, Treasury secretary, said “the stimulative effects of the tax cuts will spur economic growth and help make up for much of the anticipated increase in the deficit.”
Now, congressional Republicans revisited the topic last Thursday to reinforce their commitment to small businesses by releasing a statement on tax reform.
“We are all united in the belief that the single most important action we can take to grow our economy and help the middle class get ahead is to fix our broken tax code for families, small business, and American job creators competing at home and around the globe…We also believe there should be a lower tax rate for small businesses so they can compete with larger ones, and lower rates for all American businesses so they can compete with foreign ones. The goal is a plan that reduces tax rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas.”
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