In addition to fixing the state property tax credits by increasing the cap on SALT deductions and building in an annual adjustment for inflation, new legislation needs to be passed to increase child tax credits and provide the same inflation adjusted increases. Families should not be burdened with additional tax responsibilities while raising the future workers and taxpayers of America.
While the reduction of corporate tax rates is a positive development, we need to do a better job of taking care of the small businesses which employ most of our citizens. Larger corporations can take advantage of their scale and accounting expertise in helping eliminate as much of their tax burden as possible. Small businesses don’t have the financial or personnel resources to do the same.
That's why it is in the nation’s best interest to lower tax rates on small companies to provide them with a level playing field. Cutting the tax rate on small businesses to 10% will help to keep the economy moving and create additional jobs for Main Street USA. Business tax rates on smaller companies should be lowered to help encourage economic growth and further fuel the economic expansion of America.