What President Trump's tax plan means for small businesses - WRCBtv.com | Chattanooga News, Weather & Sports

What President Trump's tax plan means for small businesses

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CHATTANOOGA, TN (WRCB) -

Small businesses across the country are closely following President Trump’s dramatic new tax reform plan.

Under the plan, the corporate tax rate would drop from 35% to 15% and small businesses would see their tax rate slashed from 39.6% to 15%.

Channel 3 spoke to Dan LeVan, CEO of ENERG3, which is an energy management business based in Chattanooga.

He says the President’s plan sounds business friendly and the savings could be huge.  It would allow business owners to hire new employees and invest more money into their businesses, according to LeVan.

“It could mean additional growth for small businesses.  It could mean we could capitalize on more jobs. It could mean for the large organizations that they can drop prices of the product,” said LeVan.

President Trump has said these changes would stimulate the economy.

But like so many others, LeVan is waiting to see what congress will do.

“I’m cautiously optimistic.  Washington does a lot of things and you're not always sure what the end game will look like but if it occurs, I think there's some real positive spins for small businesses which are the core of the United States employment,” said LeVan.

Critics argue President Trump’s proposal would only add to the national debt and help large corporations get richer.

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