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Elizabeth Warren: Republican tax plan will hurt small businesses and their customers

“Small business owners already struggle to obtain enough capital to run their business” writes Francine Mckenna for marketwatch.com. Small business owners are looking for more public investment in their communities, not less. “The proposed law takes money out of your customers’ pockets,” said Warren.Massachusetts Democratic Senator Elizabeth Warren told an audience on Tuesday that the Republican tax plan will force small business owners to subsidize big corporations and will harm the U.S. economy by reducing tax revenue for infrastructure that supports economic growth.Proposed tax plan changes like elimination of the deduction for state and local taxes hurts their customer base.Supporters of the Republican-sponsored tax plan say most small business owners pay taxes through their own individual returns, where profits “pass through” to owners, and are taxed at individual rates.
 
Source: marketwatch.com



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