How Tax Reform Plan Could Impact Small Businesses
WASHINGTON (CBS) -- House of Representatives passed major tax reform legislation on Thursday.
The Senate will now consider the measure that simplifies the tax code, doubles the standard deduction and slashes the corporate tax rate.
Linda McMahon, the administrator of the U.S Small Business administration, is celebrating on the heels of House Republicans passing a monumental tax reform bill. She sees it as the first step toward boosting small businesses throughout the country.
"Tax cuts mean more money in their pocket to do more with their business," said McMahon.
McMahon addressed the tax reform issue at a briefing near the White House.
She spoke with CBS3 one-on-one shortly after the House tax reform bill passed and touts its importance to growing small businesses throughout the tri-state area, by lowering taxes and simplifying tax codes.
Local small businesses are the backbone of the community—they are the glue of our communities," McMahon said.
McMahon also took time to promote small business Saturday on November 25 as a way to show your support.
"We have the opportunities in our communities around the country to really support our small businesses. Go in and visit, maybe go to one you haven't been to," she said.