Tracey Wakeen, President, had the opportunity to participate in both Federal and State webinars discussing the future of the Country for small businesses, looking ahead to the next 4 years.
Here are the major takeaways and items you should be aware of:
Federal
Title: 2017 Tax Cut and Job Acts
What Does it Mean: was a significant U.S. tax reform law that aimed to boost economic growth by cutting taxes for individuals and businesses. It reduced the corporate tax rate from 35% to 21%, simplified tax brackets, increased the standard deduction, and limited certain deductions like state and local taxes. While it temporarily lowered individual tax rates, most provisions for individuals are set to expire after 2025, whereas corporate tax changes are permanent.
The Go Big Small Biz Network’s Position: We Support the permanency of the Tax Cuts for small businesses.
Videos: Tax Foundation
Federal
Title: Tariffs
What Does it Mean: Tariffs, which are taxes imposed on imported goods, can serve as a negotiation tool in international trade by creating leverage in economic discussions. By raising tariffs, a country increases the cost of goods for its trading partner, potentially pressuring them to agree to more favorable trade terms, reduce their own tariffs, or address trade imbalances.
The Go Big Small Biz Network’s Position: We are in support of Tariffs being used as a negotiation tool and increasing the American brand worldwide.
Video: explained by Howard Lutnick
Federal
Title: Deportation of Illegal Immigrants
State
Title: PA Permit Fast Track Program
What Does this Mean: timeliness, and transparency in the permitting and licensing process
The Go Big Small Biz Network’s Position: We Support all programs that can bring efficiency in permitting in PA so all businesses can thrive.
Article: Acceleration of Permitting Process
State
The Bill: HB2500
Title: Legalizing Marijuana
The Go Big Small Biz Network’s Position: We Oppose
Article: Legalizing Marijuana
State
The Bill: Keystone Saves
What does this Mean: state run employee retirement savings program that would expand access from the private sector to the government.
The Go Big Small Biz Network’s Position: We Oppose, this will unfairly burden small business owners who are more likely to not have a company sponsored retirement plan and take business from small financial firms.
The Go Big Small Biz Network exists to prevent government overreach into small businesses. We are funded by our monthly subscribers of $19/monthly. Please Join the movement.
Any Questions? Email me, tracey@gobigsmallbiz.com
