MoneyLocal Business News


President Trump's Cincinnati trip to focus on small businesses

Local business owners hoping for fewer regulations
Posted at 6:27 PM, Feb 02, 2018
and last updated 2018-02-02 18:34:57-05

BLUE ASH, Ohio -- When lawmakers passed the Republican tax bill, the Sheffer Corporation in Blue Ash gave $1,000 bonuses to employees. 

Now, President Donald Trump is looking to highlight the effects of that tax bill, and he's planning to speak about it at Sheffer on Monday.

While not everyone has taken steps like Sheffer has, some business owners seem to be very positive about the economy's future. 

Six years ago, there were 35 employees at Innovative Labeling Solutions in Fairfield Township. Now the label maker has more than 100, with economic rebound driving the growth. 

ILS President and CEO Jay Dollries said digital printing for the growth. With the new tax plan in place, Dollries said it's easier to plan for an investment in the future. 

"We can buy equipment and write off much more up front, versus having to do it depreciated over eight to 10 years," he said. 

Willard Slivinski was hired in 2012, just as the economy started to pick up.

"I bought a house, increased my 401k savings, more savings in the bank, it's just a domino effect," he said. "You become positive and things just start rolling over. More and more comes in."

Dollries hopes that continues. The way he sees it, more growth will come if Washington keeps reducing the number of regulations that put up barriers to growth. 

"I think it's continuing to take some of the burden off of the businesses from a regulation standpoint," Dollries said. "We've certainly seen a lot of that. Those things really help us and take burdens off those things that don't bring balue to our product."

Over at Vesi Sportswear in Lincoln Heights, there weren't bonuses after the tax bill passed. But it did provide a different kind of benefit. 

The company makes sportswear for organizations, colleges -- anyone who wants a logo on clothing. Co-founder Greg Victonti said the pace has really picked up as the economy has improved. 

"We probably added about 15 percent in staffing, and I think that's really the tip of the iceberg," he said. "I think we'll see our growth in the next two to three years be more significant."

Visconti and co-founder Dale Davidson said the tax bill has been a tremendous catalyst for new investment. The entire cost can be depreciated, and that's important when it comes to embroidery machines. 

"They run anywhere from $80,000 to $100,000," Davidson said. "So, we're able to depreciate that acquisition 100 percent. You can obviously save a lot of taxes."

Visconti and Davidson are also anticipating cuts to regulations on businesses. They said that could help more firms get more capital for expansion. 

"Deregulation should help small businesses be able to find the additional funds that they need to fund their growth," Visconti said.