Will President Trump’s proposed tax cuts help small business in the U.S.? National small business group says “No”.

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Thursday August 31 2017

Will President Trump’s proposed tax cuts help small business in the U.S.?

Welcome to Radioactivity. I’m Rob Lorei.

Yesterday President Trump gave a speech in Missouri- calling for Congress to pass what he calls “tax reform”.

The president is calling for a cut in the corporate tax rate to 15%, down from 35%. He said he looks to China as a model for future tax rates in the U.S.

Our next guest is an advocate for small businesses. In a press release yesterday she said: “In practice, only 7 percent of business owners would pay less in tax under Trump’s plan, while more than three-quarters of the tax cuts would go to the richest 1 percent of business owners. That richest 1 percent would get an average tax cut of $75,000 each year. These are not Main Street shopkeepers – they’re the hedge fund managers, Wall Street lawyers, and real estate developers who could exploit the loophole created by the reduced business rate to dodge paying their fair share of taxes.”

Joining us now is Amanda Ballantyne, national director of the Main Street alliance http://www.mainstreetalliance.org/ ,
Main Street Alliance is a national network of small business coalitions working to build a new voice for small businesses on important public policy issues.

Bio: Amanda Ballantyne, J.D., National Director
Amanda joined the Main Street Alliance as Director in the fall of 2013. She brings more than a decade of progressive organizing, policy and legal experience. She worked for several national non-profit organizations, including Public Citizen and Free Press. She has also worked as a labor organizer and policy analyst for CWA and SEIU. Amanda graduated from Smith College and earned her law degree from the University of Washington School of Law.

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    Wow. Who knew how little (if anything) US corporations pay in income taxes, I knew there are a lot of loopholes for companies. But if you listen to President Trump yesterday, he makes it seem like corporations are being sent to the poor house with over-taxation. The tax situation isn’t fair in this country — but it’s the poor and middle class who are footing all the bills. Taking away Medicaid, Medicare and other safety nets is not going to create jobs or a better society. This is so Trump. He tries to help his friends and the rest of us be damned. I’m glad people who voted for him are catching on. The comments from his supporters show how disgusted they are. Even more so than I thought…..