American workers and business owners are struggling under our current economy. Financial woes are keeping companies from hiring more workers, growing their business, and increasing their production. These issues are only amplified by a complex, time consuming tax code.
Yeah, yeah, we know – tax reform – everyone’s favorite topic. But today, House Republicans voted on a tax measure that will create 212,000 jobs and grow our GDP by over 1 percent. And this reform isn’t limited to one type of industry – it will make a difference for workers and business owners in almost every sector, all over America.
H.R. 4718, passed by the House today, permanently extends a tax provision that helps business purchase products they need by giving them a larger – and more immediate tax deduction. This means that when businesses are buying the equipment they need to help grow their business, they will get their tax deduction sooner, and free up more resources to hire employees and expand operations.
And when we say equipment, we don’t just mean tractors – retail, forestry, food, and other sectors, are now included in this reform.
It becomes an incentive for companies to buy the equipment they need to grow their company, instead of using outdated, older products. The better resources American businesses have, the more productive they will become – both in quality and quantity.
In turn, this growth will put more money into our economy and give businesses the ability to hire more Americans. The positives only continue: GDP would improve, Americans would see more take-home pay, jobs would be created, and our economy would become healthier than it has been in a long time.
Yet again, House Republicans are passing bills that will directly impact people. Even though it’s a tax bill, its potential stretches far beyond Washington jargon – it translates to job growth, a healthier economy, and American families with better lives.