Congressman Aaron Bean | Aaron Bean Official Website
Congressman Aaron Bean | Aaron Bean Official Website
This week, U.S. Congressman Aaron Bean (FL-04) hosted a roundtable discussion with members of Clay County’s local business community to explore the impact of expiring tax cuts and solutions to protect Main Street from the Biden-Harris administration’s policies that are driving up costs.
“The Biden-Harris administration is determined to repeal President Trump’s job-creating tax cuts, and Northeast Florida business owners can’t afford the massive tax hike that will result. Clay County business leaders confirmed how successful the Trump tax cuts have been and how critical Section 199A is to their daily operations,” said Congressman Bean. “During the roundtable, I heard directly from business owners how hard it is to find workers, to be competitive, to access products amid supply chain issues, and the need for immediate relief. As we fight to preserve the Trump tax cuts, I’m taking their stories back to D.C. and will continue to advocate for policies that allow Main Street to grow their businesses, expand their workforce, and invest in the economy.”
Participants included:
Talitha Chestnut, House of Dazzle
Roger Waldman, Tree Life
Johnette Wiggins, NETTAFury Babies
Erika Lippincott, AGX Freight
Nathan Dowd, The Father’s Heart
Julie Davis, Pura Vida Mind & Body Spa & Pura Vida Med Spa
Randy Bowman, Orange Park Mall
Catherine Wells, Orange Park Mall
Mike Boucher, Mike Boucher Roofing
Sarah Pennell, T&K Custom Painting
Braden LaMot, Wildlife PRO-tection
Renne Throp, DIRenee
Ronny Martinez, Precise Alternative Fleet Solutions
Don Ramdass, Tocoi Engineering
Small businesses categorized as pass-through entities can deduct up to 20% of their qualified business income according to Section 199A of the Tax Cuts and Jobs Act. This provision is scheduled to expire at the end of 2025 which will lead to the largest tax hike on workers, families, farmers and small businesses in our nation’s history.
If Section 199A is not extended individual and family-owned businesses on Main Street will face significantly higher taxes including a 43.4% tax liability. The 199A deduction allows these businesses to stay competitive and focus on growing and investing in their ventures.
Main Street businesses employ the majority of private-sector workers and make up 95% of all businesses.
Alerts Sign-up