Monday was Tax Day. In addition to being the last day to file taxes for income earned in 2018, it's a chance to reflect on the historic tax cuts that took effect last year. For small businesses like mine, that means highlighting how a new 20 percent small business tax deduction has allowed entrepreneurs like me to protect one-fifth of our earnings to spend on expansion, hiring and employee wage increases.
At my manufacturing business in Illinois, this tax cut has given me the funds to pay bonuses and raises to all my employees, pay for 100 percent of employees' healthcare, purchase new machines, and hire new people to operate them.
Nationwide, such tax cut-induced investments have helped usher in the fastest economic growth since 2005, the fastest wage increases in a decade, and some of the lowest unemployment rates in a half century.
These tax cut benefits should make filing returns this Tax Day a little less painful.
— Nicole Wolter, president of HM Manufacturing, Wauconda, Illinois, and a member of the Job Creators Network.
— Kyle Kessler, Executive Director for the Association of Community Mental Health Centers of Kansas, Topeka