In Dallas, small business owners, Senator Cornyn push for extending Trump tax cuts
Andy Ellard, whose family has owned Manda Machine Company in Dallas for 75 years, says the Tax Cuts and Jobs Act that passed during the first Trump administration helped their small business in various ways.
During a roundtable held by U.S. Sen. John Cornyn, R-Texas, that featured other small business owners, they pushed for extending the tax cuts, which are set to expire at the end of the year.
"For our business, we looked back at our tax returns over the last three years, and this specific tax cut has saved us $80,000 that we've been able to reinvest in our business," Ellard said. "We hired a business development company to help us seek business throughout the U.S."
Senate and House Republicans have been meeting for months to hammer out a bill that would make the tax cuts permanent, not just for small businesses but individual taxpayers.
Cornyn said they're working to pass what's called the reconciliation bill this summer. If this doesn't pass, Cornyn said it will hurt a lot of people.
"Sixty-two percent of taxpayers would see a tax increase," Cornyn said. "Texans, on average, would see an increase of $3,000."
Democratic lawmakers in Congress have argued that wealthy people who earn over $400,000 don't need a tax break and should pay more in federal income taxes.
"This is not just something to benefit wealthy people," Cornyn said. "This is something that determines the ability of these small businesses to grow and create jobs."
Cornyn's roundtable is the first event in North Texas since Attorney General Ken Paxton announced he was running against him in the Republican primary next year. Cornyn's re-election campaign has focused on his record of helping President Trump pass his agenda during his first term and his efforts to get his agenda across the goal line this term. The senator has also been attacking Paxton.
Cornyn recently described Paxton as a "con man," a "fraud," and someone with a "checkered background." When asked about his comments after the roundtable, Cornyn said, "I think it's a statement of the obvious. I think Mr. Paxton is betting that character no longer matters to the people of Texas. I'm betting he is wrong."
In response, the Paxton campaign sent a statement saying in part, "John Cornyn is trying to con Texas voters by waking up each day and pretending he is a Republican. Cornyn is now repeating the Democrats' talking points to try and falsely attack me."
The hotly contested primary is in March.
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