SPRING CITY U.S. Sen. Pat Toomey (R., Pa.) toured a Spring City company Tuesday to push his bipartisan plan that he said uses tax reform to make it easier for people to start and grow small businesses.
The Start-Up Jobs and Innovation Act, which Toomey and U.S. Sen. Robert Menendez (D., N.J.) introduced in November, would permanently cut taxes for people who invest long-term in small businesses in the United States.
The bill would also let companies write off their first $500,000 in equipment costs rather than deducting those costs over several years. Toomey said this would make growing cheaper and easier for companies.
"It's just a good, commonsense way to grow the economy and create jobs," Toomey said.
Toomey toured the factory of the Spring City Electrical Manufacturing Co., which makes lamp posts that are used across the country, including in Philadelphia, New York City, and Washington. The company's president, Alan Brink, said he supported the bill.
- Michaelle Bond