Current taxes treat small businesses, like my company Restaurantware, unfairly. Since we are a small business with minimal employees, we are taxed as a high-revenue individual instead of the business we are. This is a devastating dilemma for small businesses across the nation. We never thought there would be any justice for us -- until Donald Trump released his proposed tax plan.
Some may write Trump and his tax plan off, but I say reconsider your doubts and listen. We may need someone like him, and with his expertise, to get our country's economy back on track. With his proposed tax plan, he proves that he knows what our nation needs to become more stable. According to the U.S. Small Business Administration, small businesses produced 46 percent of the nation's GDP in 2008. Helping these companies out is a smart move by Trump, and will only improve our country's economical standpoint.
Small businesses can be taxed as much as 39.6 percent of their revenue. This excruciatingly high tax rate slowly kills small companies by limiting their ability to expand. Trump's tax plan reduces the crazy tax rates on all businesses to 15 percent. This will help existing small businesses continue to flourish, and it will also help new businesses make their way in the economy.
There's no doubt that Trump understands business, and he also knows that small businesses are creating a hefty amount of jobs. These high taxes are killing small businesses and making it hard for them to flourish, which is a dangerous game for our economy.
Not only do these high taxes affect the smaller companies, but they also affect the entrepreneurs behind the business. High tax rates turn the brightest minds away from starting their own company. Taxes today come with a difficult process that also have heavy contingencies, especially for small business owners. If these high and complicated taxes continue, then we might discourage small businesses. And that would be catastrophic for our job market.
With a cut in their tax rates, small businesses can focus more on investing, spending, and surviving. Trump's plan opens the door for these companies to also hire, expand, and market better. My company, Restaurantware, is growing rapidly -- I don't want to sacrifice revenue that can go into expanding my company for unnecessary taxes. Instead, we need to keep small business surviving so they feed back into our economy. This cycle helps our nation attain economic sustainability, a goal we are far from achieving. We need to find ways to build our economic system back and Trump knows how to begin that process.
So, instead of accusing Trump of making promises he can't keep, consider his tax plan as a start to fixing our economic future. We need to stop setting small businesses up for failure by taxing them at almost 40 percent. Letting these companies put that money towards creating jobs, investing and expanding will only feedback into our economy directly. Our nation needs to find a path to stabilize our economy, and Trump's tax plan paves the way.