Applauds Working Families Tax Cuts and Bessent’s Leadership
WASHINGTON — Today, Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee, questioned U.S. Secretary of the Treasury Scott Bessent on the success of the Working Families Tax Cuts and how it benefits small businesses and Florida’s seniors at a House Ways and Means Committee hearing.
Here’s what Buchanan said about the Working Families Tax Cuts and its benefits for small businesses and seniors:
On the importance of making 100 percent bonus depreciation permanent for small businesses
Buchanan: “Thank you for being here today, Mr. Secretary. Passing the Working Families Tax Cuts was a major win for all Americans. In addition to the record tax refunds that millions of Americans have received, I’m especially excited about the law as it pertains to small businesses. One hundred percent bonus depreciation for business investments will boost economic growth and manufacturing by encouraging small businesses to invest in America. … More than anything else, I’m excited about the fact that we made a lot of this permanent. It’ll make a huge difference, going forward, and it has already.
“Mr. Secretary, the small businesses in my district tell me that 100 percent bonus depreciation is so important, and that that decision is key in buying equipment and other things. What are your thoughts on that and your experience on bonus depreciation?”
Sec. Bessent: “Congressman, I believe that the bonus depreciation, the full deductibility of the equipment, is one of the greatest driving forces we are seeing in our manufacturing and, in fact, our Main Street revival. I think equally important is the permanence. The Republican Congress made this permanent. Great certainty, and the 20 percent pass through rate that was also made permanent, is giving small businesses this permanence.”
On how the 199A small business deduction is cutting taxes for small business owners
Buchanan: “Can you touch on 199A? That’s a big thing for a lot of people in the district. It levels the playing field with the cooperations … I wanted to get your thoughts on what you’re seeing.”
Sec. Bessent: “It gives the average small business about $7,000 more per year. And the small business deduction cuts taxes for 8 million small business owners by $4,600. And again, what is important here is the certainty and the permanence. It allows the small businesses to hire, to invest and plan for the future.”
On the expanded senior deduction supporting the nearly 200,000 seniors in FL-16
Buchanan: “Being in Florida, we have a lot of seniors. … They’re excited about this cut. I think it’s about 200,000 seniors that I have in my district. … One of the big things is to make sure we’re talking to a lot of our seniors because most of them are taking advantage, but my sense of it is, not all of them are taking advantage. What are we doing to communicate with the seniors that haven’t taken advantage of the opportunity?”
Sec. Bessent: “Congressman, I was just down at The Villages in Florida, the largest retirement community, not in the United States, but in the world. And I cannot tell you the enthusiastic reception, them being able to keep most of their Social Security has made. … In general, when we saw the senior deductions, 68 percent of the filers made less than $100,000, and 96 percent of the filers, 96 percent, make less than $200,000.”
Buchanan is a respected leader in Florida’s business community and has created thousands of jobs over the course of his career. He previously chaired both the Florida Chamber of Commerce and the Sarasota Chamber of Commerce. Buchanan currently serves as Vice Chairman of the U.S. House Ways and Means Committee and sits on the Joint Committee on Taxation.
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