Tax Cuts Now.
MAKE THE TCJA PERMANENT.
Small Businesses Need Tax Cuts Now.
The House Republicans’ tax bill is a major victory for Main Street. Its provisions to make the Tax Cuts and Jobs Act permanent and increase the small business tax deduction from 20% to 23% — as Job Creators Network has long been the leading voice for — will make it easier for entrepreneurs to expand, hire, raise wages, and reinvest in their communities.
Other provisions backed by JCN, such as restoring 100% immediate expensing and refusing to raise taxes on successful small businesses, will help Main Street usher in the next Golden Age of American prosperity.
The small business provisions in this bill will create over 1 million new Main Street jobs and generate $750 billion in economic growth at American small businesses. The bill is estimated to boost the level of short-run real gross domestic product by 3.3% to 3.8% and long-run real GDP by 2.6% to 3.2%.
No wonder JCN polling shows small businesses support making the TCJA permanent by a margin of four-to-one.
JCN encourages Congressional Republicans to unanimously pass this tax bill to deliver the long-lasting tax relief small businesses and ordinary Americans want and need.
Fiscal concerns should not hold up tax cuts. Inflation-adjusted federal tax revenues (not including tariffs) have significantly grown since the TCJA passed. Tax collections for fiscal 2024 were half a trillion dollars higher than CBO had projected without the tax cut. As President John F. Kennedy put it in 1963, “Reducing taxes is the best way open to us to increase revenues.”
Tax Cuts Now will reward small businesses for making it through the bad years of the Biden administration, encourage new entrepreneurs to grow the economy and live the American Dream, and Make America Great Again.
