Don’t believe the hype. The GOP’s proposed “tax reform” Is not going to help small business owners like me. Just the opposite.
I’ve run a bike shop in Portland for more than more than 8 years. It’s a good business but the Republican plan to cut the tax rate for “pass-through” corporations to 25 percent won’t affect most businesses like mine. It’s not going to affect my local deli, my local grocer, or my local mechanic. That’s because most small business owners like me aren’t making enough of a profit to even pay a 25 percent tax rate.
The proposed corporate tax cuts will benefit hedge fund managers, Wall Street lawyers and real estate investors--- a lot businesses owned by the Trump Organization. In short, this “tax reform” is a giveaway to the largest and most profitable corporations and the wealthiest of Americans. And it’s going to be paid for by cutting public services that benefit my business and my community.
Portland can’t afford these cuts. Our transportation and telecommunications infrastructures need an upgrade. Many of our residents rely on programs like Medicaid for healthcare. We need to better train and educate our workforce to attract more companies to the area. My small business can only survive and thrive if we invest in the community around us.
The GOP tax cuts do just the opposite. To pay for tax cuts to the wealthiest Americans and most profitable corporations, the Trump administration plans to cut $5.8 trillion from Medicaid, Medicare, Social Security, education, employment and training, food and housing assistance, and infrastructure programs, according to the Center on Budget and Policy Priorities
That’s bad news for my community, and for small businesses like mine.
James Jonke, Oregon Bike Shop, Portland, Oregon