Protecting Latino prosperity: Extend the 2017 tax cuts

Latinos are still struggling to make ends meet as a result of high inflation and bad economic policy under the Biden administration. 

It’s about to get worse. 

Congress faces a looming deadline to prevent a massive tax hike for the majority of Americans. The Tax Cuts and Jobs Act (TCJA) of 2017, signed into law by President Donald Trump, streamlined individual income taxes and lowered rates across all income levels. 

But now it is set to expire.  

Without congressional action, Americans will face higher taxes, weaker incentives for work and investment, and a more complex tax system beginning in 2026. 

The Trump tax cuts lowered taxes, simplified the tax code, and helped build the best economy in decades. 

For Latinos, these tax cuts helped small businesses thrive, brought higher wages, and left more money in their pockets.  

However, the pandemic and Bidenomics put an end to this booming economy. They wreaked havoc on the finances of millions of Latinos as the country endured the highest inflation in over 40 years. 

LIBRE is rolling up their sleeves to protect your prosperity. 

The LIBRE Initiative has launched the “Protecting Prosperity” or “Protegiendo la Prosperidad” campaign, a seven-figure effort urging lawmakers to extend tax relief for middle-class families. 

Latinos made it clear last November that they are tired of the failed top-down economic policies of the last four years and want Congress to pass policies that will protect our prosperity and expand economic freedom. 

Here are four reasons why Congress should extend the 2017 Trump tax cuts: 

The 2017 tax cuts created a booming economy for Latinos. 

The Trump tax cuts were a boon for Latinos across the U.S. They lowered rates for everyone, giving people and businesses more money to spend and invest, which drove record job growth and economic expansion. 

Latinos especially benefited during this time: 

• By August 2019, just two years after the tax cuts, Latino unemployment hit a record low of 3.9%. 

• Median Hispanic household income jumped by nearly $5,000 in two years, hitting an all-time high of over $66,000 in 2019. 

The takeaway? Economic freedom and opportunity unleash prosperity for all.  

They helped thousands of small businesses.  

Latinos own and operate 5 million small businesses, adding an impressive $800 billion to the economy every year. They’re also more likely than the average American to dive into entrepreneurship. 

The Trump tax cuts gave small businesses a major boost by simplifying the tax code and expanding deductions, which saved them time and money. 

These cuts fueled incredible business growth before the pandemic — a lifeline for businesses.  

A Small Business & Entrepreneurship Council report revealed: 

• 80% of small business owners say the tax cuts were a game changer. 

• Nearly half have taken advantage of the small business deduction. 

• Over half worry that uncertainty about the cuts is impacting their plans. 

Latino entrepreneurs have significantly benefited from these tax cuts.  

Latinos shouldn’t pay for Washington’s recklessness.  

Raising taxes to pay for Washington’s reckless spending is a bad idea for two reasons: It doesn’t address the root problem, and it punishes taxpayers for Washington’s failures. It’s both unfair and ineffective. 

If Washington created its own debt problem, why should taxpayers have to pay the tab?  

Raising taxes to fund even more spending forces Latinos to pay for Washington’s financial irresponsibility. 

Yes, Congress should balance the budget, but it must do so by tackling the real issue: out-of-control government spending. 

Latinos didn’t vote for a tax hike.  

Congress works for the people, and the people think this is the worst time for a tax hike.  

For four years, American families have endured high prices and stagnant wages. They need time to recover from the disastrous consequences of the outgoing administration.  

Latinos, unsurprisingly, are completely against a tax hike.  

According to the most recent poll from Public Opinion Strategies and AFP on Latino voters: 

• 4 in 5 Latino voters say their taxes are too high.  

• Most Latino voters think growing the economy, not raising taxes, is the most effective way to cut the deficit. 

• 9 out of 10 Latino voters want to keep their current tax rates. 

Last November, Latinos voted for economic freedom — Washington must obey that mandate. 

Congress needs to act and prevent a massive tax hike that will destroy the prosperity of millions of American families.  

It’s time for Congress to undo the radical policies of the last four years and extend the Trump tax cuts.   

Click here to learn more about how LIBRE is protecting prosperity and fighting to keep Washington out of your pocket.