A Wally’s Burger Express became the latest backdrop for a tax reform victory lap when Sen. John Cornyn of Texas held a roundtable forum with local small business owners at one in Austin, Texas, on Monday, Jan. 15.
The senator met with Austin’s Dairy Queen and Wally’s Burger Express Owner, Robert Mayfield, an NFIB member since 1981. They were joined by Re-Bath of Austin Owner Josh Agrelius, an NFIB member since 2014, and ABC Home and Commercial Services Owner Bobby Jenkins, between milkshakes and root beer floats.
— NFIB Texas (@nfib_tx) January 15, 2018
Mayfield was impressed by the senator’s small business tax reform knowledge and milkshake-making know-how.
“We’re grateful that finally there is somebody looking out for our interest. Small business is the engine of the economy. We are the people who create jobs,” says Mayfield. “He was really knowledgeable. He wanted to know how [tax reform] was going to affect our businesses.”
Mayfield—who announced at the forum that his business will expand by two restaurants because of the Tax Cuts and Jobs Act—is also thankful that the act has doubled the estate tax exemption.
“There is not one small business in the country that is not worried about death taxes,” Mayfield said. “You work your entire life and build a business or buy real estate so you don’t have a lot of cash on hand to pay death taxes when you die. What I am so grateful for is the doubled exemption. It’ll make it so much easier to pass your business on to your children.”
— NFIB (@NFIB) January 16, 2018
Along with the operation expansion, Mayfield will benefit from the act’s increased Section 179 expensing. Rather than recovering his remodeling and equipment purchases through depreciation deductions, the equipment’s cost will be fully expensed.
As quoted by Spectrum News Austin, Agrelius has noticed a change in his employees since the tax reform act passed.
“The employee morale is higher,” he says.
Senator Cornyn, who was also quoted by the news source, is excited to see the tax act in action.
“Hopefully in their February paycheck people will actually see the dramatic and direct impact on their wages,” he says.