The much-hyped Republican tax bill is not worth the $1.4 trillion deficit increase, and it won’t help small business owners create jobs or raise wages, according to a recent survey from Businesses for Responsible Tax Reform.
Small business owners are not happy with the bill at all. The bill is, according to Frank Knapp Jr., co-chair of Businesses for Responsible Tax Reform, “a convoluted tax law that gives every advantage to their wealthy corporate competitors rather than supporting small-business growth.”
The survey of small business owners in Arizona, Maine, Tennessee, and Nevada also revealed a majority believe the bill disproportionately benefits the wealthy and large corporations.
While the bill was being debated, Knight promised the bill would “reduce the tax rate for all businesses — small and large — to make competition more fair in today’s marketplace.”
Yet a majority of small business owners disagree. According to the survey, 55 percent of respondents “do not believe the tax law puts small businesses on a level playing field with big businesses.”
When the bill passed, Walters boasted it would help create jobs. Yet even at the time, CEOs of large corporations said they would use the money to enrich investors. Since the bill passed, some companies have cut jobs, and now small business owners overwhelming say the bill won’t help them create jobs.
“Clearly the new law — which has come under fire for heavily favoring large corporations — is not going to do much to help small-business owners grow their businesses,” says Knapp. “Nor is it going to allow them to invest in the millions of people they employ.”
Small business owners are seeing what all Americans are seeing — a tax bill benefitting Wall Street while leaving Main Street behind. As predicted, corporations are enriching their investors while paychecks for most Americans remain stagnant.
Republicans were not honest with voters about the tax bill, and the now the truth is coming out.