Kelly Loeffler, U.S. Administrator of the Small Business Administration | 4-13-26

Monday morning on 95 7 FM KCMO talk radio. Well we've got tax day coming up here on Wednesday. I know for some of you that might be a shocker, but yes you've got 48 hours to get it all in or I guess get the extension. So with that I have seen the reports over the last couple of days that tax returns this year are up 11% across the board. So a lot of excitement on that front. Kelly Leffler is the small business administrator. She is going to be in Kansas City for an event tomorrow. She's joining us right now on KCMO talk radio. Kelly good morning. Thank you for joining us on the show. What's the purpose for your trip to Kansas City? Good morning Pete. It's great to be with y'all. I'm excited to be back in Kansas City today. We're going to be visiting some small businesses that benefit from no tax on tip, no tax on overtime. And you mentioned the 11% increase in tax refunds already this year, but we have now 30 million Americans that are taking advantage of no tax on tips and overtime. And I've talked to so many small restaurants that say their employees can be saving over 2000 up to, you know, thousands and thousands of dollars depending on how many shifts they take and work. So this is a meaningful tax provision. And I'll be there with Congressman Mark Alford, who was a former small business owner now represents Kansas or I'm sorry, Missouri. And look, this is all about making sure hardworking Americans have more money in their pockets. So obviously right now, especially with inflation taking back upwards in the wake of the war, what what do you want the message to be to Kansas City ends and Americans as well with these tax refunds kicking in with some of the tax benefits and advantages of that big, beautiful bill starting to hopefully, you know, see effect for regular folks around the country. What what do you want that message to be right now? Well, look, Americans are saving thousands on average about 3500 is the average tax refund right now. Small businesses on average are getting $7000 back. And every single Democrat voted against tax cuts and voted for tax hikes on hardworking Americans, those that make our communities work with small businesses. So look, we have rising wage growth. We have rising job growth. This conflict in Iran is temporary. And we're going to get back to the booming economy that President Trump has underway. And this is all about growing in our local communities. That's why small businesses and hardworking families have been the largest beneficiary of this tax cut. So as you get said, is this part of a nationwide tour that you're doing? You'll be in Kansas City and then a couple other places? Or is this just a stop in Kansas City this week for you? Well, I am every week I go across the country. Today I'll be in Omaha, Nebraska and Kansas City is my second stop in the great city of Kansas City. I used to live there back in the 1900s and excited to be back. But I have traveled from Alaska to Maine to California. And what I'm seeing is no small business, no hardworking family is asking for tax increases. They're asking for the tax cuts that President Trump delivered. They're looking for deregulation, which we're delivering 100 deregulatory actions for every new regulatory action. And look, our small manufacturers, they're reshoring American industrial strengths are asking for fair trade. And that's what we have. That's the economic engine that's powering our main streets. And I see it everywhere I go. Kelly Lefler is the small business administrator joining us on KCMO, Toc Radio in Kansas City. So what is it? You mentioned the small business refunds have been enormous as well. Is there one or two reasons you can highlight Kelly for what specifically small businesses are getting out of the big, beautiful bill that was not obviously part of the tax code prior to this legislation passing last year? Yeah, Pete, I'm glad you asked. Look, there are so many provisions. This is this bill is called the one big, beautiful bill because it had dozens of provisions in it. And look, this this president passed in 2017, the Tax Pets and Jobs Act, this bill's on it. This makes the 20% pass through deduction, the 199A deduction permanent. Small businesses now know what their tax rate is going to be from year to year. Big corporations always knew their tax rate, but small businesses didn't have that certainty. They have it now. That makes up about half of that $7,000 tax cut. The other piece is 100% immediate expensing in year one. So if a farmer buys a piece of equipment, a factory installs a new CNC machine, they can expense 100% of it in year one, stays on tremendously on working capital and cash flow and lets them redeploy it into hiring and training and paying good wages and benefits. So was it, did it used to be they had to expense those basically based on depreciation, but now they can take the whole hit in year one, which given the cost of trucks and equipment for farmers and things like that, that's obviously that that's a great point. So is that the difference between how it was and how it is now? Yeah, and they increase the section 179 bonus depreciation. So we have more, the limit is much higher of what you can take. And they added 100% expensing for factories, which youth after depreciate over 39 years, they can take it in one year. A farmer can depreciate his tractor in year one. And look, that was running out. We were seeing those depreciation rates get longer and longer. And particularly now as farmers enter planting season, it's good news for the rural communities across America. All right. Kelly Lefler's here on KCMO talk radio. So big wins for business, big wins for workers right now. Is there anything? Listen, I know that there's a lot on the plate of the president in Congress, but as you travel around the country and you get feedback on this legislation, there's no perfect piece of legislation. So what's the one thing you would want to see improved on or cleaned up based on what you're hearing around the country? Well, I'd like more people to know what's in the bill. That's what I would like improved on because there is so much. We have an expanded child tax credit, expanded health savings accounts, Trump accounts. Think about every child born after July 4th is going to get $1,000 in an account. Most Americans don't know that, and they're going to be able to pair their child's economic growth to the growth of a U.S. investment portfolio. So that's critically important. Things like workforce, Pell and five to nine savings accounts for trade schools. So I think that's what my mission is, is to make sure that people know what's in this bill so they can take advantage of it. And we're going to build for the next 250 years based on this engine of free enterprise that working family tax cut supports. Does Kelly Lefler have her barbecue spot picked out yet for Kansas City later tonight? It's hard to pick. I hate to pick among favorites, but I'll let you know after. All right. Well, you have your staff. Let me know. That way I can report it on the air on where you went and enjoyed barbecue when you get to Kansas City later today. Deal? I had some great barbecue last time at Slap. So that was pretty amazing. Well, Mark Alford won't let you down. So we are looking forward to following that visit tomorrow. Kelly Lefler, Small Business Administrator on KCMO. Thank you for being here, Kelly. Enjoy Omaha and safe travels down this way later today. Great. Thank you, Pete. All right. Have a great day. That is Kelly Lefler on KCMO 957 FM. 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