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WWMT Channel 3: Upton meets with local business leaders about national tax reform

Upton meets with local business leaders about national tax reform
By Christine VanTimmeren
WWMT Channel 3

COMSTOCK, Mich. (NEWSCHANNEL 3) β€” U.S. Congressman Fred Upton wrapped up a round table discussion in Comstock where he asked small business owners what they think about the tax reform package working its way through congress, which includes corporate tax cuts but gets rid of some popular deductions.

Newschannel 3's Christine VanTimmeren reported on that discussion held at LED lighting company Tecniq.

Those around the table said the tax code is too complex and creates a tremendous tax burden that limits their ability to grow.

Everyone said a reduction in taxes would allow their businesses to flourish, meaning more benefits for employees and more technological upgrades.

Upton said he understands the proposed tax reform will increase the national deficit in the short term, but he believes in the long term it will increase our country's growth rate.

Marc Schupan said his company's tax burden would go from 41 percent to 25 percent under the new tax plan and he already knows where he'd invest that extra money.

He said, β€œIt's not a question of we'd make more money and all we would do was squirrel it away, actually we would reinvest it and it would be good for our employees for sure. In fact, I've already promised them that if we have that there will be some wage increases.”

Many of the business owners at the meeting on Monday said a lowering of taxes would mean raises for their employees.

If the tax reform compromise fails to make it out of the Senate by the end of the year, businesses would have to wait another year for the possibility of changes.

View the full story online, via WWMT Channel 3, here.

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