Bean is right on tax cuts
As the owner of a small manufacturing company, I applaud Rep. Melissa Bean's recent call to maintain the current tax cuts in the short term.
Like many small businesses, we are incorporated as an "S" corporation. That means that any profits of the company flow through our personal and not a separate corporate tax return and are taxed as regular income.
It also makes us look on paper like some of the "rich" or top 2 to 3 percent of taxpayers.
Nothing could be further from the truth!
The profits of the company are what are used to expand our business providing jobs and helping the economy grow.
In our case, now that the economy is beginning to recover and our sales are growing back toward pre-recession levels, we are doing long-deferred building repairs, investing in new equipment and will soon be hiring new employees.
This is only possible if there are after-tax profits left to reinvest in the company.
The economy is slowly coming back, but it's still a long way to full recovery. Small businesses must retain their profits to invest in their businesses right now.
Rep. Bean is right, extend the tax cuts!
Jeff Witt
Deer Park