Lydia who meanwhile there is this the Senate Finance Committee unveiling the text of President Trump’s big beautiful bill yesterday the new text includes major tax reforms even steeper cuts to Medicaid than the House called for other key differences include an increase in the child tax credit and a lower cap of the state and local salt uh tax deduction uh now back down to $10,000 on salt that’s down from the House’s $40,000 cap the bill also helps small businesses and job creators with provisions such as cutting tax burdens to unleash small business growth restoring American manufacturing ending the war on the gig.
economy and no tax on tips or overtime joining me now is US Small business. Administration’s administrator Kelly Legler Kelly it’s great to see you thank you so much for being here great to be with you this morning. Maria thank you what What is your assessment of what you’re hearing from the Senate in terms of these new changes and its impact on small business well this bill is incredibly important it’ll deliver the largest tax cut. in American history for our job creators and for working families and as you just mentioned it’s small businesses look these small business provisions including making the pass
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through permanent deduction will unleash Main Street including adding a million jobs $750 billion in economic growth not to mention what it does for working families that puts an on average $13,000 back into the pockets of hardworking families across this country and so my message is that this one big beautiful bill is pro small business it’s proworker and it puts America first by increasing the immediate expensing of investments in America and that’s what we need right now because
President Trump is already working on fair trade on making sure we’re deregulating now tax cuts that’s the number one concern of small businesses is taxes for the first time in four years thanks to President Trump getting inflation under control yeah for sure Kelly another part of the bill is what you just mentioned that’s the 23% pass through deduction for qualified business income talk to us about how significant that is for small business .
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i want to get your take on what this means for those businesses who many of those owners are our viewers and this is a big deal in terms of what their bottom line looks like you’re absolutely right Maria it’s vital this section 1990 199A pass through deduction creates certainty for small businesses so that they can invest in their businesses so that they can hire small businesses create two out of every three new jobs in America it lets them invest and grow so this pass through making that permanent .
creates certainty for small businesses that big corporations have in their tax rate we owe that to small businesses there are job creators on Main Street I’ve been traveling across the country non-stop since I got in i was in Louisiana yesterday I’m in Florida today meeting with job creators talking to them about the investments that they’re going to make whether it’s in restaurant equipment whether it’s investing in made in America factories whether it’s hiring and training workers for our new collar boom you know
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President Trump created the blue collar boom in his first term and now we’re building advanced manufacturing in America and so we’re going to need that immediate expensing that goes along with making these tax cuts permanent any thoughts Kelly on on section 899 this is another issue that many of big businesses are worried about and I wonder how you see this read on it um this is the retaliatory tax they’re delaying it a year and the maximum tax is capped at 15% u though it would still start at 5% and rise by 500 basis
points a year until it hits the cap some uh banks are worried about this in terms of what the impact is to foreign investors uh potentially investing in those small businesses well Maria we have to make sure that America is competing on a level playing field around the world that’s certainly what President Trump’s doing with his fair trade agenda which is working
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for small businesses for the first time in decades similarly we have to make sure our tax code doesn’t disadvantage small businesses and I think that between the House and the Senate negotiations I think that’s what they’re focused on is leveling this playing field uh we have seen activist uh taxation try on a global perspective we have to make sure that the US tax code works for US small businesses again there are job creators they’re the ones making this economy turn in terms of innovation and growth and this economy is spring oared but we need this tax
