The 2017 federal tax cuts are working for Maine’s job creators, say NFIB’s small-business members in a recent survey. Most business owners say the Tax Cuts and Jobs Act had a positive effect on the economy, more than half said it positively impacted their business and two-thirds saw their tax bill go down. That’s why they are grateful to Sen. Susan Collins for her vote.

They’re especially pleased she supported the small-business deduction, a provision allowing pass-through businesses like limited liability companies, S corporations, partnerships and sole proprietorships to deduct up to 20 percent of their income each year, putting them on a more level playing field with big corporations.

Maine benefited more than most because we’re fifth in the nation for the share of employment in these pass-through businesses, accounting for over 320,000 workers in the state. No longer do small companies and mom-and-pop stores tell us high taxes are one of the biggest obstacles to their success.

A quarter of small businesses surveyed used the savings to give workers raises, helping families. The same percentage bought new equipment or expanded, helping communities. Others paid down debts, saved for a rainy day or are looking for how best to invest in the company’s future success.

It’s hard to overstate just how much the tax cuts are helping small businesses. The small-business deduction that Sen. Collins supported is the most important change to the tax code in three decades, giving our members the stronger foundation they need to thrive. For that, Sen. Collins has NFIB’s thanks.

David R. Clough

Maine state director, NFIB


Related Headlines

Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.

filed under: