Congress is close to passing a final tax cuts bill, giving small business owners much to celebrate this holiday season.
Ohio small businesses employ over two million people in the state, 46 percent of the state’s total employment. But despite their major contribution to the economy, main street businesses currently face a top marginal tax rate of 40 percent, significantly hindering their opportunities to grow and expand.
The tax bill calls for a new 23 percent small business tax deduction for all businesses that earn less than $500,000 a year, providing them with more resources to hire, create jobs, and compete against their big business competitors.
Small business owners, like myself, are looking forward to this long-overdue tax relief. But it’s all Ohioans who’d benefit from this tax cut Christmas gift.
CEO, Kessler Signs