North Carolina business owners are counting on tax cuts staying in place 

Gerardo Lora. Deputy director of grassroots operations for The LIBRE Initiative-North Carolina

If I could point to one specific piece of legislation that has helped Latino families in North Carolina more than any other in the last decade, it would be the Tax Cuts and Jobs Act (TCJA) of 2017. These Trump tax cuts reduced corporate and individual tax burdens, fostered job growth, and supported small businesses.

The impact on Hispanic families and entrepreneurs in North Carolina, who contribute over $48 billion to North Carolina’s economic growth, has been huge.

The Trump tax cuts helped us achieve greater financial security and business success. Now nearly 1 in 4 new businesses in North Carolina is Latino-owned.

If Trump’s Big, Beautiful Bill doesn’t pass the Senate, those vital tax cuts will expire with it. That isn’t just bad news for the Latino community in North Carolina, it’s bad news for every one of us. 

What’s at stake for North Carolina

The expiration of these pro-growth tax cuts would cost our state over 24,000 jobs. Individually, our local North Carolina businesses would see their taxes increased by nearly $1,000. Families would see their standard deduction reduced back to pre-2017 levels, and their taxes would increase an average of more than $2,000 a year.

North Carolinians can’t afford the largest tax hike in American history. Take small business owner Angelica Betancourt as an example. The 2017 Trump tax cuts gave her the boost she needed to make her dream of owning a restaurant a reality. Now, with tax increases looming, Angelica is hoping her dreams don’t come crashing down with it.

The end of the 2017 Trump tax cuts would jeopardize Angelica’s plans to turn her food cart into a brick-and-mortar location. She’d have to raise prices, reduce staff and tighten her budget on buying new equipment. In the food industry, costs are already high, profit margins are thin, and the competition is fierce. Angelica would have to fight for her business’ survival.

She’s far from alone in her concerns about taxes increasing if the Big Beautiful Bill fails to pass into law.

If Congress fails to get the bill to President Trump’s desk, it could lead to a tax hike for over 70% of these Latino businesses like Angelica’s. With such widespread tax increases looming, it’s no wonder 90% of Latino voters oppose tax hikes and want to keep their current rates.

Many Hispanic families and entrepreneurs in North Carolina credit tax cuts with helping them achieve greater financial security and business success. The tax cuts created critical breathing room for entrepreneurs by lowering tax burdens, incentivizing investment, and enabling reinvestment in local communities.

Congress: Pass the One Big Beautifull Bill

Congress must pass the Big, Beautiful Bill to keep the Trump tax cuts alive that so many families and entrepreneurs in North Carolina rely on, and so many millions more around the country.

As these families and business owners can attest, spending is a problem too. Members of Congress have their work cut out for them in reining spending and getting it to a more responsible level to protect the country’s future prosperity. This is a necessary and noble goal.

But I believe spending cuts can happen in tandem with securing the current level of tax cuts. The American taxpayer shouldn’t see any kind of tax increase while there is plenty of spending to trim.

The first rescission package, passed by the House just last week, promises to save $9.4 billion from the federal budget by cancelling funding that has already been appropriated by Congress. That’s a great first step in cutting back on spending that doesn’t raise taxes on us here in North Carolina.

It is possible to lower our federal spending and keep the 2017 tax cuts too. In fact, it’s imperative we do so, so the American people can thrive and North Carolina businesses can grow.

If Congress fails to secure the tax cuts, families and small businesses will pay the price, literally.