Chairman Steve Chabot Hails Passage of Historic Tax Reform

Statement

Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement on the passage of the Tax Cuts and Jobs Act Conference Report:

"It is a new day in America: from Cincinnati to Silicon Valley, hardworking families and the 29 million small businesses fueling our economy will see a real decrease in the taxes they pay and a growth in their paychecks," said Chairman Chabot.

"I am proud to have worked with our Republican majorities in the House and the Senate to fulfill a promise that we made to cut taxes and reform our 31-year-old, outdated, and archaic tax code. By doing so, we're delivering a middle class miracle to everyday Americans."

Small Business Wins:
Levels the playing field for small businesses by providing a 20 percent deduction on qualified small business income.
Allows businesses to immediately write off the full cost of new equipment which will improve operations and enhance the skills of their workers--unleashing growth of jobs, productivity, and paychecks.
Protects the ability of small businesses to write off interest on loans, helping these Main Street entrepreneurs start or expand a business, hire workers, and increase paychecks.

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