Experts are expressing that the lower tax rate may help economic growth. For small businesses the tax rate has lowered to 20% meaning less income is taxed. The corporate tax rate has also lowered from 35% to 21%. This can cause foreign businesses to move into the US for lower tan purposes. This is also affecting our economic policy.
The National Federation of Independent Businesses, an organization that represents roughly 300,000 small businesses, initially said that it could not support the bill, but has since said the bill will help the economy by providing significant tax relief to small businesses throughout the nation. But the National Association for the Self-Employed (NASE) said that 83 percent of small business owners don’t fully understand the impact these changes will have on their business. And some 90 percent think the government didn’t adequately prepare them for the system.
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