DAVENPORT, Iowa (KWQC) - Under a new proposal, both big and small businesses could be getting a big tax break. Last week, the Trump administration released a one-page document outlining a new plan for tax reform. The plan would lower corporate tax rates from 35 to 15 percent. Gary Gamber, owner of Gamber's Auto Service, said the lower tax rate would help him make years worth of repairs to his building.
"I can't repair things that need to be repaired around my property because I am having to pay more tax all the time, and it's a percentage if I make more they take more," Gamber said.
Although limited, details of the plan include reducing the seven tax brackets to three brackets of 10, 25 and 35 percent.
"I've been wanting it for a long time, I have known about these numbers for 10 years and you just can't do nothing about it, no one listens to you, nobody wants to do anything to help you out."
The proposal also outlines tax relief for families with child and dependent care expenses. Meantime, critics argue the plan could increase the deficit by hundreds of billions of dollars. Director of Government Affairs with the Quad Cities of Commerce, Henry Marquard, said if enacted correctly, business in the Quad Cities could benefit.
"If you are able to streamline the tax code and you're able to build in a lower rate you would hope that businesses will have more money, that they'll be able to spend, they'll be able to invest and pay that onto their employees expand whatever that may be."
According the White House officials, the administration will hold listening sessions through the month of May for additional input on the new plan.