WACO, Texas (KXXV) — U.S. Sen. John Cornyn (R-Texas), a member of the Senate Finance Committee, is meeting Tuesday with local small business owners in the Heart of Texas region to gather input on the potential extension of provisions within the 2017 Tax Cuts and Jobs Act.
Cornyn is holding a roundtable discussion with John Peel of Sticker Universe, Trey Lipsitz of M. Lipsitz & Co., Kirk Zander of United Truck Equipment Company & United Truck Equipment Manufacturing, and Kyle Citrano of George’s Restaurant. The conversation focuses on how maintaining some aspects of the tax law could support job creation, wage growth, and employee reinvestment.
The Tax Cuts and Jobs Act, signed into law by former President Donald Trump, provided tax relief for small businesses. Several key provisions are set to expire at the end of this year unless Congress acts to extend them. According to Cornyn's office, failure to do so could result in an average tax increase of $3,000 for Texans.
