MCLENNAN COUNTY, Texas (KXXV) — Central Texas business owners met with Texas U.S Senator John Cornyn on Tuesday, May 27. Business owners say the Tax Cuts and Jobs Act has allowed them to grow, remain competitive with wages, and keep prices lower for consumers despite rising costs
- Senator John Cornyn met with Waco business owners advocating for an extension of the Tax Cuts and Jobs Act before it expires at the end of 2025.
- Business owners credit the 2018 tax law with helping them grow their businesses, providing tax relief, and maintaining wage competitiveness despite inflation.
- If the tax cuts aren't extended, Cornyn says 62% of Americans will see a tax increase, with Texans facing an average increase of about $3,000.
- Local business owner John Peel emphasized that extending the tax cuts is "crucial" to help businesses continue growing, buying new equipment, and keeping prices down for consumers.
BROADCAST TRANSCRIPT:
Local business owners met with Texas U.S. Senator John Cornyn to advocate for extending a law they say will help create more jobs and benefit Central Texas.
"This is important to economic growth not just in Waco and McLennan County, but across Texas and across the nation," said Texas U.S Senator John Cornyn.
Several Waco business owners shared positive impacts they experienced from the 2018 law.
"It's really allowed us to grow our business," one business owner said.
"It's a direct tax relief for us," another added.
"It allowed us to be competitive and afford increasing wages," a third business owner said.
Senator John Cornyn met with four Waco business owners who are advocating for an extension of the Tax Cuts and Jobs Act, which expires at the end of 2025. Cornyn says the legislation delivered historic tax relief and helped raise the median household income by $5,000.
"If we're unsuccessful, 62% of Americans will see a tax increase and Texas will see a tax increase of about $3,000," Cornyn said.
The business owners detailed how inflation has been impacting their businesses in the past couple years.
"A $5.99 lunch special was a huge deal to them back in 2018, that same lunch special is about to be $8.99. My labor costs are more expensive than they've ever been, my lowest-paid employee jumped $4 to $5 from what it used to be," owner of Georges Restaurant, Kyle Citrano, said.
Because of those costs, Sticker Universe owner John Peel says every dollar restaurants and local companies can save means more money stays in consumers' pockets.
"It would help us to continue to grow, it would help us to continue to buy new equipment, to compete to keep prices down. It's crucial it needs to happen," Peel said.
Cornyn says he is working to get this bill extended by July. Some of the business owners say if it doesn't get extended, it would cause businesses to invest less and slow their growth.
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