Washington, D.C.—The Tax Cuts and Jobs Act has passed the Senate—which was seen by many as the biggest barrier standing between small businesses and much needed tax relief. The legislation creates a 20 percent tax deduction for small businesses, eliminates higher tax brackets in favor of expanded lower ones, and significantly increases the child tax credit. President Trump just needs to sign on the dotted line for it to become law—keeping true to one of his major campaign promises.
Alfredo Ortiz, JCN President and CEO, released the following statement:
We are now just steps away from the finish line and are about to make significant small business tax cuts a reality. Among other provisions, the bill creates a 20 percent standard deduction for small businesses and pushes many Americans into lower tax brackets. The move will not only empower small business entrepreneurs to hire more people, raise wages and expand, but will unleash the broader U.S. economy. It’s now time for President Trump to deliver on his campaign promises and sign tax cuts into law.