The economy is roaring, and while there are many factors driving this economic growth, tax cuts have led the charge.
So far in 2018, the United States has reached the lowest unemployment rate in 50 years at 3.8 percent. In June alone, over 213,000 jobs were created. Across the nation, wages rose by an impressive 2.7 percent. Moreover, consumer confidence is at an all-time high as the economy continues to grow and customers wield greater purchasing power.
The Sunshine State is no different. Governor Rick Scott announced that Florida businesses created 19,000 private-sector jobs in May, adding to the 179,000 jobs created in the past year. Floridians can thank the Tax Cuts and Jobs Act for Florida’s growing economy.
Over the years, the Sunshine State has continued to be known as a business-friendly state — for businesses both large and small. Over 2.4 million small businesses reside in Florida, employing roughly 3.2 million Floridians.
And these small businesses and their employees throughout the state have reaped the benefits of a growing economy since ringing in the new year with tax cuts.
To mention just a few, Biscayne Bay Craft Brewery in Miami was able to hire two additional employees. Don Ramon Restaurant in West Palm Beach distributed pay raises, installed new coffee machines and upgraded its appliances. Dozens of other employers handed out generous bonuses to their staff members.
Job creators across the state are showing that tax cuts allowed them to invest in employees and expand business operations. No wonder consumer confidence is so high!
Sadly, their success could come to a dramatic end in 2025 after many of the Tax Cuts and Jobs Act’s provisions expire. This will increase the tax rate for thousands of small businesses in Florida and working Americans across the country.
Talk of new legislation to make the Tax Cuts and Jobs Act permanent, however, has already been floated by members of Congress.
Tax Cuts 2.0 would aim to permanently extend tax cuts for small businesses and individuals. Even House Ways and Means Chairman Kevin Brady agrees that business innovation and entrepreneurship are two of the top priorities for this forthcoming legislation.
Extending tax cuts past their 2025 expiration date should be championed by both small businesses and politicians alike. The Tax Cuts and Jobs Act has helped my small business — Our Town America in Clearwater, Florida — tremendously. It has been a catalyst that helped us raise wages, hire new employees and expand to our new 44,000 square foot headquarters in Clearwater.
I’m sure this sentiment holds true for many other small business owners in Florida who have seen tremendous tax savings.
Tax savings for small businesses means less money sent to Washington and more money to invest in Florida’s Main Streets. Congress must act now and pass a robust Tax Cuts 2.0 in order to ensure economic prosperity for years to come.
Michael Plummer is CEO of Our Town America in Tampa, Florida.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of The Daily Caller.