Washington, D.C. (February 27, 2019) – NFIB member Lana Pol, owner of several small businesses in and around Pella and Des Moines, Iowa, testified before the United States House Committee on the Budget today during a hearing entitled “2017 Tax Law: Impact on the Budget and American Families.” Below are excerpts from her testimony:
“The 2017 Tax Cuts and Jobs Act provided tax relief that allowed us to invest in our employees with raises and our businesses with a significant facility expansion and new vehicles … Two of the most significant direct benefits from the new tax law for our businesses were the creation of the new Small Business Deduction (Section 199A) and the expansion of Small Business Expensing (Section 179).”
“…The new Small Business Deduction (Section 199A) will provide around $40,000 in tax relief for our businesses. This tax relief from the new tax law provides crucial cash flow that allowed us to provide up to $4,000 raises to our employees, the largest compensation increases we have been able to provide in recent years. These raises increased employees’ take-home pay and helped us retain employees. As you know, businesses across the country are experiencing tight labor markets, an indicator of a strong economy. The labor market is especially tight in Iowa. Retaining highly-valued employees is key for our businesses to function.”
“I have observed other small businesses in and around Pella also investing in employees and companies. Nationally, the NFIB Small Business Optimism Index has remained historically high throughout 2018 and early 2019. We have experienced this optimism firsthand. Multiplying our experience by millions of small businesses around the country demonstrates significant economic benefits resulting from the Tax Cuts and Jobs Act.”
“Congress can help further. Many of the provisions benefitting individuals and small businesses – like the Small Business Deduction (Section 199A) – sunset after 2025. That sunset date makes small business owners nervous about expansion. To provide long-term certainty and confidence for small businesses, Congress should make these provisions permanent.”
Pol serves as the President of Geetings, Inc, a trucking and warehousing business in Pella started by her father. She is also the owner of G.I. Warehouse Corporation, and Mowbility Sales and Service which sells and services power equipment, pools, and spas. She also owns Creative Inspirations, a promotional product distribution firm.