GOP lawmakers talk to Hope Mills business about tax reform
HOPE MILLS — Republican lawmakers visited a small business in Hope Mills on Friday to promote plans for federal tax reform.
Rep. Richard Hudson, whose district includes Fort Bragg, and House Republican Conference Chairwoman Cathy McMorris Rodgers, whose district is in the eastern part of the state of Washington, hosted a tax reform roundtable at Jeb Designs, which does screen printing, embroidery and trophy sales.
The plan crafted by President Donald Trump and Republican leaders calls for steep tax cuts for corporations and potentially individuals, a doubling of the standard deduction used by most Americans, shrinking the number of tax brackets from seven to three or four, and the repeal of inheritance taxes on multimillion-dollar estates. The child tax credit would be increased and the tax system would be simplified; most Americans would be able to file their income taxes on a postcard, according to the plan.
Crucial details of the plan have yet to be worked out, notably what income levels would fit with each tax bracket.
The $4 trillion budget narrowly passed through the House 216-212 on Thursday. The Senate passed the measure last week and the House endorsed it without changes to move quickly to the tax measure.
John Buie, chief financial officer for Jeb, said the tax reform could help expand the business.
The business started with three employees 30 years ago and has expanded to about 20 employees over time, he said.
Potentially higher tax credits offered through the reform could help the business purchase new equipment, including a $60,000 embroidery machine. New equipment would mean more jobs for people, he said.
Hudson said tax reform is long overdue.
“People are working hard and not getting ahead,” he said. “The tax code morphed and evolved so that it punishes people.”
McMorris Rogers, who represents a district with more than 68,000 veterans and includes Fairchild Air Force Base, said the current tax code is old, outdated and too big. She said the reform would make way for more jobs, fairer taxes and bigger paychecks.
“I want to ensure everyone reaches their full potential,” she said.