LYCOMING COUNTY (WBRE/WYOU) Earlier this week President Trump and congressional Republicans announced their planned tax reform. Senator Pat Toomey stopped in Williamsport where he held a discussion with local business leaders. Eyewitness News Reporter Morgan Parrish has the story,
More than 15 local business owners spent their afternoon with Senator Toomey sharing their concerns and what they would like to see come out of the tax reform. The tax reform is still in the planning process so far, Senator Pat Toomey supports the GOP saying it will boost the economy in Central Pennsylvania.”
“A family that lives in Williamsport Pennsylvania, if we get this done which I hope we will and i’m determined, first of all they’re going to see a pay raise.” Said Senator Toomey.
The framework lowers corporate tax rate down from 35% to 20%. In addition, it drops the tax rate for small businesses to 25%.. a 15 percent decrease.
Senator Toomey says most people will see their tax burden go down. Which he thinks will spur economic growth.
“We want to make American Business competitive again. and you’ve heard how all around the world other tax regimes are much more competitive and we are left behind. it’s time we catch up.” said Senator Toomey
“I would really love to see us come down to that 25%, that would be really huge for us.” Said Blaise Alexander who owns Blaise Alexander Chevrolet and says tax cuts would not only benefit his business, but it will also be beneficial for his sons who will continue the family legacy.
“Every 20% that we can save in taxes is another 20% we can put towards an 80% loan.” Said Alexander.
While President Trump says this reform will create revolutionary change, there is still criticism from those who oppose the tax cuts. However, Senator Toomey says people are re-eacting a little too early.
“It’s not even possible for anyone to come to a conclusion yet about what’s going to happen. I know what our intent is and I feel really good about our intent and I feel really good about how we’re going to get there.” said Senator Toomey
Additional proposals in the tax reform call for doubling the standard deduction to $24,000 for married couples and $12,000 for single filers.
The White House aims to push the tax reform through congress by the end of the year