This tax season, small businesses across Wisconsin are seeing the impact of Working Family Tax Cuts where they matter most – on their bottom line.
Last year, President Donald J. Trump signed into law the largest tax cut in U.S. history, designed to empower the working- and middle-class Americans who keep our nation strong. Already, refunds for taxpayers are up 11% compared to last year, with the average refund reaching approximately $3,500.
But few groups benefit more than America’s 36 million small businesses, who create two out of every three new jobs and generate nearly half of U.S. GDP.
So far this tax season, 12 million small businesses have saved an average of $7,000 thanks to Working Family Tax Cuts. Here in Wisconsin, an estimated 497 thousand small businesses, or 1.3% of all job creators in the United States, are eligible for provisions like the permanent 20% Small Business Tax Deduction. This year, job creators will be keeping more of what they earn – and reinvesting those savings back into their workforce, equipment, and future growth. -- READ MORE