Politics

Tax Cuts Will Spark More Small-Business Jobs, SBA Chief Says

Linda McMahon tells listeners of 'The Laura Ingraham Show' that anticipated savings from reforms are already being reinvested, will spark more economic growth

Federal tax cuts approved by Republican majorities in Congress and signed into law by President Donald Trump will fuel job growth at small companies, the head of the Small Business Administration (SBA) said Thursday.

Linda McMahon, SBA’s administrator, said on “The Laura Ingraham Show” that she hears that message every day as she talks to small-business owners from across the country.

“Well, what they’re saying with the new tax reform package passed [is] that they are going to take the proceeds from any tax savings that they have and reinvest them in their business,” she told guest host Raymond Arroyo on Ingraham’s radio program.

“So, you know, they complained about taxes. They wanted to see regulatory reform. And under President Trump, they are seeing both of those issues addressed. And they’re very enthusiastic about it,” McMahon said.

McMahon, who previously was president and CEO of World Wrestling Entertainment, is on a mission to visit all 68 SBA offices in the nation. She calls it her “Ignite Tour.” She will visit her 32nd SBA office Friday in Buffalo, New York.

McMahon said regulatory relief already implemented by Trump would save businesses $8.1 billion a year.

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“That’s a lot of money that will go back into the economy,” she said.

McMahon said some of the specific provisions of the tax law are particularly attractive to small-business owners. She pointed to a measure allowing businesses to speed up tax write-offs for new equipment.

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“That’s just really incredibly important to small businesses who might need to buy those extra computers, that they might need to expand a little bit their office environment, and to be able to take, you know, that write-off in the first year is a big incentive for them to, you know, to make those investments and to grow,” she said. “So we’re seeing that with businesses, you know, across the country.”

McMahon said her goal for the coming year is a 5 percent increase in the number of small-business loans backed by SBA. She said the dollar volume of loans by the agency jumped 18 percent during the first quarter of the current fiscal year.

“I want to see more loans because that means more businesses are taking advantage of this access to capital,” she said. “And they’ll either use it to grow, or they’ll use it to start a new business, or they’ll use it to add an employee,” she said.

PoliZette senior writer Brendan Kirby can be reached at [email protected]. Follow him on Twitter.

(photo credit, article images: Linda McMahon, CC BY-SA 2.0, by Michael Vadon)

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