WASHINGTON — On the eve of the House’s vote to pass a far-reaching $1.5 trillion tax cut, Speaker Paul D. Ryan of Wisconsin placed a hasty phone call to his state’s senior senator, Ron Johnson, in hopes of resolving an unlikely conflict in his own back yard.
Mr. Johnson had become the first Senate Republican to say publicly that he could not vote for the Senate’s version of the tax bill. During the phone call on Wednesday afternoon, Mr. Ryan, who had campaigned heavily for Mr. Johnson in 2016, posed an essential question, according to the senator: “What are you going to need?”
What Mr. Johnson needs, he said in an interview from Wisconsin on Friday, is for the bill to treat more favorably small businesses and other so-called pass-through entities — businesses whose profits are distributed to their owners and taxed at rates for individuals. Such entities, including Mr. Johnson’s family-run plastics manufacturing business, account for more than half of the nation’s business income, and the senator says the tax bill would give an unfair advantage to larger corporations.
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1 comment:
I can see his point. There's too much belief that the jobs, jobs, jobs mantra from leaders on the left and on the right only come from big business, even though small business represents a dominating percentage of jobs and job creation. Tax breaks for the little guy can give the income boost to grow a business by increasing services, locations, product output, wider sales, etc., each facet with the possibility of new jobs.
Tax breaks have historically been the stuff of big business. It's time that little business be treated the same way, at least just to see if it works.
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