Job Creators Network Urges Support for Tax Cuts 2.0
Washington, DC (September 13, 2018) – Legislation that would make the historic tax cuts permanent is critical for small business and the economy, said the Job Creators Network today.
“The tax cuts have ignited the economy and small business has taken off like a rocket,” said JCN President and CEO Alfredo Ortiz. “If we want to keep those gains, then the tax cuts must be made permanent.”
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.
“That would be catastrophic, and it would start to discourage small business investment long before 2025,” said Ortiz. “Small businesses need stability and predictability in the tax code. They need to be able to plan for the future. The tax cuts for large corporations are permanent, and tax cuts for small businesses should be as well.”
Ortiz sent a letter to House Ways and Means Chairman Kevin Brady urging support for H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018. That measure would lock in the small business tax cuts that took effect in January.
“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,” wrote Ortiz. “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.