Tax hike alert: What it means for Latino entrepreneurs

Billions of dollars, millions of jobs, thousands of small businesses. 

That’s the impact Latino entrepreneurs have on the American economy.  

Over the last few years, there’s been a Latino small business boom. Today, 1 in 4 new small businesses is owned and operated by Latinos, and they contribute over $800 billion to the American economy.  

Latinos are fearless entrepreneurs who aren’t daunted by long odds or the economic chaos brought by the Biden administration. In fact, since 2019, there’s been a 26% increase in the number of self-employed Latinos — despite the recent economic turmoil.  

But this boom is at serious risk.  

That’s because the 2017 Trump tax cuts, officially known as the Tax Cuts and Jobs Act, are set to expire at the end of the year.  

If they do, millions of Latino small business owners will face a steep tax hike that would wreak havoc on Latino households and communities across the country.  

A tax hike would ravage Latino businesses. 

Having a small business is no easy feat. It’s tough to start one, keep it afloat, and grow it. These last four years, especially, have been hard on small businesses.  

Prices are up and, faced with rising costs, businesses must raise prices to survive. At the same time, senseless regulations keep millions of businesses from reaching their full potential.  

Most Latino entrepreneurs finance their businesses with personal capital, not loans.  

They’ve put their money and savings on the line, taken a massive risk, and are willing to work day and night to ensure the success of their business.  

Thankfully, over the last eight years, the Trump tax cuts kept personal income taxes low, making it easier for millions of Latino business owners.    

The last thing you need now is for Washington to get in the way and take more money out of your and your business’ pockets.  

However, that’s what’s bound to happen if Congress doesn’t act.  

More money for Washington, less money for mom-and-pop shops. 

If Washington decides to end the Trump tax cuts, almost 6 in 10 Americans will pay more taxes than they do today.  

In fact, an average family of four will end up paying $1,500 more in income taxes than they do today — a dramatic spike.   

In states with high Latino populations, the tax hike would have disastrous consequences.  

In California, the average family would pay $1,862 more in taxes.  

In Florida, the average family would pay $1,590 extra in taxes.  

In Texas, the average family would pay $1,456 more in taxes.  

In addition to lower income taxes, the 2017 cuts included many provisions to help businesses thrive. If Congress doesn’t act, those benefits will also expire.   

The double punch of higher taxes and increased costs from inflation would wreak havoc on millions of Latino companies.   

While some businesses could weather the storm, many wouldn’t, putting millions of Americans at risk of unemployment.  

Even worse, this massive tax hike would do little to ease the national debt. It will only fund the broken system that brought debt in the first place.  

That’s why we are mobilizing our nationwide grassroots army with our Protecting Prosperity campaign to push Congress to extend the tax cuts and protect your prosperity from a massive tax hike.