Eight Ways the House Republican Tax Bill Helps Small Businesses

The following content is sponsored by Job Creators Network.

Main Street is the largest winner of the REPUBLICAINE Tax Board in the Chamber. Here are eight ways whose bill helps small American companies to develop, hire, increase wages and invigorate their local communities:

1. Increase in the deduction of passes

The bill passes the tax deduction of small businesses from 20% to 23% – a provision that the network of job creators was the strongest voice in favor of. This deduction is claimed by 26 million small businesses each year and will lead to significant savings for companies on the main street, the backbone of the American economy.

2. Permanent individual tax rate reductions

The bill makes reductions in individual tax rate for the reduction of 2017 tax and the permanent job law (TCJA), including higher marginal rates, guaranteeing a continuous tax drop for 95% of small businesses that deposit as transmitted, including small successful businesses.

3. 100% bonus damping restoration

Legislation resets immediate 100% expenditure for capital investments, allowing small businesses to immediately deduct the total cost of equipment and goods, by encouraging the reinvestment, expansion and modernization that will strengthen productivity and help manufacturers and entrepreneurs for small businesses.

4. Improved R&D expenses

The bill also allows small businesses involved in the interior research and development of immediate R&D costs, many small businesses need to stay ahead of foreign competition, promotion of innovation and growth.

5. No tax on advice and overtime

The bill exempts the advice and overtime from the remuneration of federal income tax, bringing lightening to small businesses in the service industries and their employees, as well as to stimulate the economy of concerts which makes a growing part of the American ecosystem of small businesses.

6. Expanded standard deduction

The bill increases the standard deduction, the simplification of tax declarations and the reduction of taxable income for owners of small businesses.

7. Support for domestic manufacturing

The bill includes tax credits and deductions related to interior and employment content in the United States, designed to encourage companies to produce in the United States rather than offshore.

8. Simplified tax code

The bill rationalizes and simplifies the tax code, promoting the use of standard deduction on detording, facilitating investment planning and commercial tax and reducing or deleting the provisions that have caused complexity, allowing small businesses to deposit their taxes more easily and easier.

This pro-growth bill will create a more dynamic small economy economy, increasing opportunities, customers and street revenues. The President’s Economic Advisory Council estimates that over the next four years, the bill will increase real economic growth by 5.2%, will create or save up to 7.4 million US full -time jobs, will increase investments up to 14.5% and increase wages by $ 11,600 per worker. This bill will allow small businesses to inaugurate the next age of American economic gold.