NFIB, the nation’s leading small business advocacy organization, is marking the two-year anniversary of the Tax Cuts and Jobs Act being signed into law by sharing stories about how the tax relief is benefitting small business owners across Iowa, and asking Congress to make the temporary tax cuts permanent.
Here are a few examples of how Iowa NFIB members are making a difference in their community.
Thanks to the Tax Cut Jobs Act, Lana Pol was able to give her employees here at Odyssey Spas in Pella a $4,000 raise.
Thanks to the Tax Cut Jobs Act, Lana Pol was able to give her employees here at Odyssey Spas in Pella a $4,000 raise.
In Pella, Lana Pol invested $2 million into an expansion of her trucking warehouse. Pol owns five different small businesses and was also able to give her 50 employees an average $4,000 raise – the largest bonus she’s handed out in years.
Kevin and his son Shane show off the robot camera system in their televising truck. The Tax Cut Jobs Act is providing the small business owners tax relief to buy another truck and camera.
Kevin and his son Shane show off the robot camera system in their televising truck. The Tax Cut Jobs Act is providing the small business owners tax relief to buy another truck and camera.
In McCallsburg, Kevin Jacobson and son Shane also invested in their small business. Central Iowa Televising cleans and repairs sewer systems. Kevin bought a third televising truck, which sends camera robots into sewer pipes to identify and diagnose damaged pipes. He also gave his 13 employees raises and plans on hiring another three employees with the tax relief money. Kevin and Lana are willing to speak with the media. Call Emily Carlson to arrange an interview.
“Small business owners are doing exactly what they said they were going to do: hiring employees, handing out bonuses and investing thousands of dollars back into their businesses,” says Matt Everson, NFIB State Director in Iowa. “That’s not all. The Tax Cuts and Jobs Act goes even further. Small business owners, which represent nearly half the U.S. economy, are also putting that money back into the state’s economy, ensuring Iowa keeps moving forward.”
However, right now these beneficial tax cuts are temporary, expiring in 2025. On the two-year anniversary of the successful legislation, NFIB is urging members of Congress to make the tax relief permanent. While small business owners are reinvesting in their businesses right now, in order to keep adding jobs and boosting the state’s economy, they need long term tax stability.
NFIB surveyed small business owners after the passage of the Tax Cuts and Jobs Act and found that a majority of small business owners were optimistic about the law. Most of what owners forecasted about the impact of the law on their business operations came to fruition, with owners using tax savings to invest in their business:
- 27% of owners said they retained funds as higher earnings available to support growth.
- 26% reported increasing employee compensation.
- 26% reported increased business investment or expansion.
- 16% hired additional employees.
- 20% paid down debt obligations.
