NEW YORK — Giving workers a raise, investing in new machinery. Small business owners have long wish lists to choose from if the Trump administration's plan to lower tax rates becomes law — but most don't expect to go on a hiring binge.

Some owners and small business groups hoped the dramatic cuts in corporate and personal taxes proposed Wednesday could mean more savings to invest in their businesses and more revenue coming in from consumers and businesses with some extra money to spend.

Brian Hart, the sole owner of a public relations company in Philadelphia, said he would reinvest any tax savings into Flackable, but doesn't expect to have enough to hire employees. But lower tax rates could give his small business clients more money to spend on marketing, and that could mean expanding his staff down the road.

“It could ease the tax burden on the companies we work with so they could hire a company like hours,” Hart said.

Under President Donald Trump's proposal, small businesses owners who pay their business taxes at personal tax rates would see their top rate go from 39.6 percent to the proposed corporate tax rate of 15 percent. Those owners are sole proprietors, partners or shareholders in what are called S corporations, or pass-through entities, which under the tax laws are intended to be small or mid-sized companies.

Nearly 80 percent of businesses are pass-through entities, a survey by the National Small Business Association advocacy group found this year. The remaining companies also stand to get a break on their rates, which would fall to 15 percent from 35 percent.

There are still many unknowns about the Trump proposal, in particular, what changes Congress might make to offset the drop in tax revenue that lower rates would likely bring.