York-area businessman John Bailey would like his transportation company to pay less in taxes and face fewer “onerous” regulations, as he puts it.
It was a message that Bailey and Lebanon manufacturing executive Douglass Henry, along with other small-business owners, delivered someone who said he understands their plight, and pledged to help them.
The president of the United States.
Bailey and Henry, whose company Henry Molded Products Inc. manufactures molded fiber/pulp products, were among 60 small-business owners from across the U.S. who met with President Donald Trump on Aug. 1.
They stressed that tax-reform plans must include small business, and that no small business should pay a higher tax rate than large corporations.
Bailey and Henry are members of the National Federation of Independent Businesses, a small-business advocacy association.
Bailey, president and owner of Bailey Trailways in West Manchester Township, said Tuesday he liked what he heard from the president.
“He was very specific,” recalled Bailey, whose company has 55 full- and part-time employees, roughly a third of them full-time. “He said, ‘I’m a business owner, you’re a business owner, I know that if I reduce your taxes, you’re going to reinvest your money into people, plants and equipment, and you’re going to help our economy grow.'”
“And he’s absolutely correct – if I can save money on taxes, I’ll be more than happy to buy new equipment, hire more people and hopefully change people’s lives,” Bailey said.
Bailey also believes there’s a better chance at getting a tax package approved in Washington than a new health-care package, even though some business owners want to repeal Obamacare.
Health care may be more “personal to people” and harder to change, Bailey said. But he thinks people understand that doing something with taxes will have a positive impact for all businesses, and he calls tax reform the No. 1 issue for business owners.
Trump has proposed lowering corporate tax rates from the current 35 percent to 15 percent, and reducing business income rates paid by so-called “pass-through” businesses, including many small businesses formed as partnerships and LLCs.
There also has been criticism that Trump’s tax plans would do too much to help the wealthiest Americans.
Bailey and the others in Washington also met with officials from the federal Small Business Administration, with one official telling the business owners that Trump has instructed federal agencies to cut down on regulations facing small businesses: “For every new regulation that comes out, two must go away.”