Financial Professionals Discuss Proposed Trump Policy
By JANELL HUNTER
For Money Matters
MARTINS FERRY — President Donald Trump has promised to cut taxes and simplify the system, lessen federal regulation, tighten borders, invest in infrastructure and create manufacturing jobs. Many professionals in the local financial industry are seeing those policies as a good thing for the overall economy and investment markets.
Renea Riesen, owner of an H&R Block franchise in Cadiz, said she is excited about Trump’s proposed policies and feels they will make a positive impact on financial markets and businesses.
“These types of policies will make a positive impact on people’s investment portfolios. As a small business owner, Gov. John Kasich has passed small business tax deductions in Ohio. I was able to keep $2,000 that normally would have been sent to the state, but I was able to keep it,” Risen said. “Enabling me to keep more of my money has allowed me to hire a new employee. That benefits me, the employee, the community and the economy.”
Riesen said that an excessive tax burden “stagnates” her business and doesn’t allow it to grow because it ties up her ability to expand her business and hire people.
The Trump tax vision is to “reduce taxes across-the-board, especially for working and middle-income Americans who will receive a massive tax reduction; ensure the rich will pay their fair share, but no one will pay so much that it destroys jobs or undermines our ability to compete; eliminate special interest loopholes, make our business tax rate more competitive to keep jobs in America, create new opportunities and revitalize our economy; and reduce the cost of childcare by allowing families to fully deduct the average cost of childcare from their taxes, including stay-at-home parents,” according to donaldjtrump.com.
“If I get to keep more of my money, it helps me invest in my business, and if more people are allowed to keep their tax dollars, they are not going to hide it under a mattress. They will invest and buy things,” Riesen said.
She said Trump’s promises of deregulation will also help the economy and investment opportunities.
“Pulling back excessive regulations will eliminate red tape. The more regulation you have, the more expensive it is. I do believe we need common sense regulation, though,” Riesen said. “But reforming the tax code and reducing regulations will help the market absolutely.”
Barbara Roman, director of marketing and human resources at Softite Community Federal Credit Union, addressed Trump’s promise to help manufacturing make a comeback in the United States.
“When manufacturing went down, our business went down. Our credit union was originally set up for the employees and families of the Martins Ferry steel mill. After the mill closed, to survive we became community-chartered, which opened up our business to all of Belmont County,” Roman said.
Softite has a branch office in Mingo Junction. Roman said the company looks forward to ACERO Junction Steel in Mingo Junction hiring steelworkers that will be potential credit union customers.
“When you look at manufacturing in the area, we were built on that in the Ohio Valley and it all went away. If it comes back, it will help our economy,” Roman said.
She said Trump’s proposed tax plan will make it easier on the middle class to save and invest.
“I work with middle and lower class folks, and I know how hard hit I am. If he is going to give us a tax break it will trickle down. Everything he says he’s going to do looks positive for the economy. I hope it all comes to fruition,” Roman said. “He’s going to trim the fat.”
According to Roman, Softite has had some difficulty with the regulations in health care brought about by the Affordable Care Act.
“The ACA is good in some ways for the people who have no other alternative, but from my standpoint it has stymied hiring. We can’t afford to hire full-time workers because of that,” she said. “We almost cry over that one. We have had people say they need full-time work. We would love to give it to them but we can’t.”