Job Creators Network Urges Support for Tax Cuts 2.0
Washington, DC (September 28, 2018) – Legislation that would make the historic tax cuts permanent would give the economic expansion long-term strength and should be supported by members of both parties, said the Job Creators Network today.
“This is the strongest economy in decades, largely because of the tax cuts, and making them permanent will give small businesses the predictability they need to plan for the future,” said JCN President and CEO Alfredo Ortiz. “All of the gains that we’ve made in the past year are in jeopardy if those tax cuts are allowed to expire.”
The Tax Cuts and Jobs Act created the largest tax cut for Main Street in history, a provision that allows small businesses to deduct 20 percent of their income. That provision was made temporary, however, because of arcane Senate budget rules. It expires in 2025, and taxes for small businesses will increase to their previous level.
“Republicans and Democrats have said that making the tax cuts temporary was unfortunate. Today they have a chance to correct that provision and small businesses will be watching,” said Ortiz. “Small business is responsible for creating two-thirds of all new jobs and tax cuts are continuing to be a proven method of bringing prosperity. With many of the provisions from the Tax Cuts and Jobs Act set to expire in 2025, permanence is an essential next step to ensure businesses can better plan out investments and take advantage of expansion opportunities.”
For more information about the Job Creators Network, please visit www.jobcreatorsnetwork.com.