Representative Mike Haridopolos (R-FL) spoke with The Floridian to discuss tax policy, saying that extending the tax cuts from President Donald Trump's first term is crucial, as "the best thing we can do for the economy right now is offer certainty and stability."
More to the point, he emphasized that "the longer we wait [to extend the tax cuts], the more uncertainties could happen in the marketplace," using the 1981 Economic Recovery Tax Act (ERTA) of 1981 as an analogy.
"It was prospective, [and] that delayed the economic turnaround. Now, it did help for the '84 election, but as you know, there is a muddled economy in the short term," Rep. Haridopolos continued, an assessment of the ERTA shared by Investopedia, which noted that a decline in tax revenue and lack of hoped-for capital investment forced ERTA's reformation via the 1982 Tax Equity and Fiscal Responsibility Act.
Nevertheless, the Florida Congressman said he remained "very much in support of extending the Trump tax cuts, and only because the best way to get us out of this trouble is not by spending our way out, but by investing our way out."
Moreover, Haridopolos suggested there were multiple avenues for growth, "whether it be in the newly emerging crypto[currency] economy or just everyday folks. When you offer certainty and stability to the economy, we are going to grow. I think right now, there is a little bit of uncertainty, and that means capital is going to stay on the sidelines."
On the campaign trail, President Trump vowed to make his 2017 Tax Cuts and Jobs Act permanent while also promising to be crypto-friendly, accusing the Biden Administration of waging "a war on crypto."
Before the election, several Republicans sought to get the ball rolling on Trump's economic agenda before he returned to office, such as Representative Vern Buchanan (R-FL), who introduced legislation in February 2023 that made the Tax Cuts and Jobs Act permanent.
Additionally, former Representative Matt Gaetz (R-FL) introduced a bill in June 2024 that would legalize the payment of income tax with Bitcoin.
