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President's Report

President's Report

Joe Catrambone, Stuart/Martin County Chamber of Commerce President/CEO

You may not hear it on CNN or on main stream media, but the economy is at its strongest position in a generation under President Trump.

The Bureau of Labor Statistics announced that more than 300,000 new jobs were created last month. Annual economic growth is set to exceed 3 percent for the first time since 2005. Unemployment is hovering near its lowest point since the Vietnam War. Wages are growing at their fastest point in a decade.

Small business owners are more optimistic about conditions now than at any point in recorded history. New business formation is booming, with millions of Americans planning on starting their own businesses.

Thanks to Republican tax reform legislation, small businesses now enjoy a 20 percent tax break as well as expensing on all capital expenditures. This tax relief allows small businesses to protect some of their earnings then reinvest in expansion, hiring, and wage increases. Most small business owners agree this is what is fueling their growth.

Congress needs to expand the tax cuts. Some experts believe Congress should support increasing the deduction to the 23 percent range and expand the full deduction to service businesses. Service businesses, which are just as important to communities across the country, should get the same treatment.

For complete article visit The Hill website:

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