By Kevin J. Cooper
The American public sent a clear signal when they re-elected President Trump last November that they were tired of the economy of the past four years. High inflation rates and sluggish job growth are lingering while economic uncertainty held back investment. Now in 2025, with a narrow but complete majority in Washington, democrats must quickly work with Republicans to restore Trump-era tax reforms that have proven to work. The window to renew the 2017 tax cuts is closing. Failing to renew them could lead to increased taxes on Florida small businesses and families.
First, some background. The Tax Cuts and Jobs Act (TCJA) helped unburden American businesses from high tax rates. The TCJA was a historic achievement by President Trump in 2017 to help small businesses, bring back revenue from overseas, and benefit low- and middle-income families. Renewing this impactful piece of legislation will ensure its full benefits are reaped for years to come.
For the past few years, small businesses have been hamstrung by inflation with little room on the books for innovation and investment. A renewed tax cut would encourage spending on new equipment, make room to hire new employees, enact higher salaries and provide for greater investment in workers’ safety and well-being. As reported by the Small Business & Entrepreneurship Council, the TCJA allowed companies to “increase U.S. investment, worker pay and benefits, their plans for new investments and expansion, and new jobs.” Small businesses are the backbone of this economy; we must ensure that our federal policies support their continued growth.
American families also stand to benefit. Lower tax rates allow families to hold on to more of their income. And while Democrats may try and argue that these tax cuts strictly benefit corporations, not families, this is categorically false. As reported by the CATO Institute, “the lowest-income Americans experienced the largest tax cuts as a portion of what people were already paying.” Further, “the lowest-income 50 percent of individuals saw a 9.3 percent reduction in their tax bill, compared to a 0.04 percent tax cut for the highest-income 1 percent.” Additionally, the TCJA would double the Child Tax Credit to $2,000. This change is particularly valuable for families in lower tax brackets.
In this increasingly competitive global marketplace, we must ensure Florida companies can put up a fair fight. If the federal government overtaxes U.S. corporations, then we are our own worst enemy. Lower taxes encourage investments in American infrastructure and businesses. A lower tax rate brings American companies, jobs, and goods closer to home.
Trump Tax Cuts
We cannot delay on renewing the TCJA. Congress has a real opportunity to deliver continued economic growth for Floridians by extending and strengthening the TCJA. Businesses and individuals need clear rules of the road to make hiring and investment decisions. If the TCJA is allowed to expire, we prolong the economic uncertainty that plagued Biden-era America.
Without the TCJA, we forgo the chance to enact an impactful and popular piece of legislation that Americans have greatly benefited from. For the benefit of all Americans, democrats and republicans should come together to extend and expand the TCJA. The economic incentives in this plan will energize the economy and supercharge growth. Without it, we open ourselves up not only to economic decline but also national security vulnerabilities.
Regional conflict, international competition, and a global pandemic have underscored our growing need for an American-first economy. We must uplift and strengthen American-made goods and work to keep businesses and corporations within our borders.
Every day that we wait to reinstate President Trump’s Tax Cut and Jobs Act is another day that small businesses suffer under Biden’s economic legacy. The U.S. government should be the first line of defense when it comes to American small businesses, not the primary force stifling its growth. We have a golden opportunity to unleash the power of American prosperity—let’s make sure it happens.
Kevin J. Cooper is the newly elected Chairman of the Miami-Dade Republican Party committed to building a strong foundation for more Republican victories in the region. Learn more at MiamiRepublicans.com
