U.S. Senator John Cornyn was in the Coastal Bend Friday to speak with business owners about the impact of the new tax reform legislation recently signed into law by President Trump.
The senator has been holding similar gatherings around the state to get their reaction to the tax cuts. He said a lot of people will soon be seeing more money on their paychecks.
"I think you're going to see your employees even with a bigger smile on their face because they're going to see those lower rates are kicking in and they're going to have more take-home pay," Cornyn said. "Hopefully it's a gift that keeps on giving."
Cornyn was speaking with the area business owners inside of Groomer's Seafood on North Beach. The senator wanted to hear what they thought about the tax cuts and jobs act.
"We'll retain about an additional $12 million in capital and the way banking works is for every dollar we retain, we can lend out $10, so that's a $120 million in additional loans that we'll make as a result of not having to pay taxes to the federal government," American Bank CEO Steve Raffaele said.
That's good news to hear for small business owners like Rick Groomer, owner of Groomer's Seafood.
"A lot of times what we people like me down in South Texas are thinking and feeling, you may not hear it all the time, but we're pretty pumped," Groomer said. "We're pretty excited about all this."
The tax reform act was supposed to benefit businesses and the middle class.
"We want to get the economy growing again for everybody's benefit and I think this is a big down payment on that effort," Groomer said.
The senator also said that over the coming weeks many people will start seeing fewer taxes taken from their paychecks, meaning more take-home pay.
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