Letter: Tax cuts help small businesses like mine succeed and grow
Congress has finally passed a budget. Now it’s time to pass tax cuts.
As the president of Guy Chemical Co. in Pennsylvania, believe me when I say there is no greater obstacle to business expansion and job creation than high taxes. When you combine federal, state and local taxes, I pay nearly 50 percent of my business income to the government. While I currently employ about 130 workers, growing a business is not smooth sailing. To finance expansion in 2008, I had to take out four loans. I’ve mortgaged my house seven times just to see my business grow.
High taxes only hurt. I’ve had to take out bank loans to pay my taxes on numerous occasions. Even after deductions, high taxes often prevent me from hiring new employees and rewarding my current workers with higher wages.
Some people will continue to characterize small business owners as greedy, but I did not draw a salary from my business for five years. When I did, it was $36,000 a year. Cutting taxes isn’t about lining my own pockets; it’s about helping employees line theirs.
Guy Chemical Co., Somerset, Pennsylvania