Latina Entrepreneurs Are Driving America’s Growth

By Judy Pino, Spokesperson for The LIBRE Initiative

Across the country and here in Colorado, Latina entrepreneurs are changing the face of American business. They are starting companies at six times the national average, contributing billions to the economy, creating jobs, and strengthening communities. But now, their progress—and the economic future of millions of Latino families—is under threat.

If Congress fails to extend the 2017 Tax Cuts and Jobs Act (TCJA), it will trigger the largest tax hike in American history. The average Colorado family of four will have to pay a staggering $3,661 more in taxes next year! Unfortunately, the first to feel the blow will be the entrepreneurs and working-class families who can least afford it. Higher taxes, fewer opportunities, and steeper costs could halt one of the most dynamic economic movements of our time.

Take into account what women think

Latina entrepreneurs, like all Americans, are already battling historic inflation. Biden-era inflation has pushed prices sky-high. Families and businesses alike are paying an average of $1,000 more a month for essentials like gas, groceries, and rent. Increasing tax burdens now would make an already brutal economic environment even worse.

These concerns are widely shared. 73% of Latino voters agree their taxes are too high, and 93% would be concerned if their taxes went up. Similarly, 78% of women say that Congress should extend the 2017 tax cuts so individual taxes don’t rise. The expiration of TCJA would raise income taxes across the board. A Latina small business owner earning $41,140 could see her taxes jump by nearly $1,500—a 3.4% cut to her take-home pay.

A Hispanic household earning $65,540 could face a tax increase of $1,242. These are not just numbers—they represent the cost of child care, startup supplies, or another employee on payroll. And it’s not just about income taxes. More broadly, if corporate taxes rise, so will the costs of doing business. Entrepreneurs would face higher supplier prices, increased operational costs, and greater difficulty competing with larger firms or foreign companies.

Raising corporate taxes won’t hurt the wealthy megacorporate owners as much as it will first squeeze the Latina small business owners already struggling to meet payroll and keep their American Dream alive. Colorado Latina business owners don’t need government handouts. They need the government to get out of their way. They need a fair, stable tax environment so they can focus on what they do best—innovating, building, and strengthening America’s economy.

The results spoke for themselves—unemployment hit a 50-year low, wages rose across the board, and GDP growth shattered expectations.

After the Tax Cuts and Jobs Act passed in 2017, the American economy boomed. Nearly five million jobs were created in just over two years. Unemployment hit a 50-year low, wages rose across the board, with median incomes for American families reaching an all-time high, and GDP growth shattered expectations, surging by $4 trillion more than projected.

Latina Entrepreneurs Are Driving America’s Growth

We ask the Senate to act

Even federal tax revenues exceeded government forecasts by $2.7 trillion over the first decade of TCJA, despite all the predictions of doom. In short, the tax cuts worked. That’s why extending the tax cuts must be Congress’s top priority. The good news is that the House of Representatives recently approved legislation to extend the 2017 tax cuts, but now the U.S. Senate must act.

Colorado families and Colorado entrepreneurs would feel the brunt if the U.S. Senate does not act.Latina entrepreneurs deserve better—and the country does, too. We’re not asking for special treatment. We’re asking for fairness—a chance to grow, hire, and thrive without Washington moving the goalposts. If we allow these tax cuts to expire, we’re not just risking higher bills, we’re risking the very backbone of our economy.

The Senate must act now to protect the American Dream for the next generation of job creators, risk-takers, and builders. The choice is simple: Empower Latina entrepreneurs to keep fueling our economy or hold them back with higher taxes and fewer opportunities. Let’s choose growth. Let’s choose freedom. Let’s extend the tax cuts and keep the American Dream alive.

…Originally in El Comercio Colorado.