Sen. Pat Toomey visited local Scranton, Pennsylvania-based JED Pool Tools/Northeastern Plastics plant to celebrate the Tax Cuts and Jobs Act win for small business.
“At the end of the day, there’s no question that this business will owe less in taxes than it otherwise would and that means more resources available to reinvest here in growing this business,” Toomey was quoted as saying by the Times-Tribune.
Toomey drove home the tax act’s savings on both a local and national level by informing those in attendance that more than 3 million Americans will receive bonuses or pay raises, and that companies like JED Pool Tools/Northeastern Plastics will benefit from the cuts and reforms, according to the Times-Tribune.
JED Pool Tools/Northeastern Plastics co-owners Cindi Heyen and her husband, Alan, were informed by a company accountant that they will save 20 percent on their tax bill and will be able to write off equipment purchases quicker.
“We have some really good people and we want to get them raises–give them raises that they deserve,” Cindi told the Times-Tribune.
JED Pool Tools makes swimming pool accessories while Northeastern Plastics makes specialty plastic products. There are 30 employees at the companies.
“It lowers the tax burden, it creates new incentives for investing in one’s own business, buying new equipment, new machinery, the kinds of things that create jobs for the people here in Pennsylvania,” Toomey was quoted as saying.
This week NFIB’s survey of small business optimism index showed a record number of those companies saying now is a good time to expand.
