Tags: jim renacci | tax reform | business boom | gop prediction

Rep. Jim Renacci: Tax Reform Bill Will Bring Business Boom

Rep. Jim Renacci: Tax Reform Bill Will Bring Business Boom
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By    |   Tuesday, 19 December 2017 03:14 PM

The tax reform bill making its way through the House and Senate will create the stock market and business boom that Republicans have predicted, Rep. Jim Renacci said Tuesday, but he does not believe business owners will hoard their savings rather than spend them on their employees or companies.

"I was a small businessman for almost 30 years," the Ohio Republican, a member of the House Ways and Means committee, told Fox News' "Happening Now" program. "Opportunities to reduce your taxes and invest more in your employees means you can invest more in your business."

Renacci recalled when he was in business and had to make tax payments every quarter, and noted that through the new bill, such payments will be less for corporations as well as individuals.

"When you think about it, a family of four making $70,000 will get an average of anywhere between $1,000 to $2,000 more in their paychecks each year," he continued. "They will start seeing that in February. They will also be able to spend more money."

Renacci does not agree, however, with opponents who say businesses will hoard the money they save, rather than spending it to benefit employees or their companies.

"I don't believe it," he said. "We will see. We can do nothing and let growth and the economy stay at one percent or 1.5 percent, or we can cut corporate tax rates, and that's what's happening with the market. Businesses are realizing, they will be able to invest more, stay here, have companies coming from overseas that were leaving because our tax rate was too high."

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The tax reform bill making its way through the House and Senate will create the stock market and business boom that Republicans have predicted, Rep. Jim Renacci said Tuesday, but he does not believe business owners will hoard their savings rather than spend them on their...
jim renacci, tax reform, business boom, gop prediction
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2017-14-19
Tuesday, 19 December 2017 03:14 PM
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