by Alfredo Ortiz
The number of jobs increased again in November, with 227,000 jobs created after a lull in October.
It’s solid job offers report is due to one factor: President Trump’s re-election. The Republican victory renewed confidence among job creators on Main Street. The hard economic times The Biden-Harris administration is coming to an end and Trump’s strong economy is returning.
New JCN nationwide survey petite businesses showed a record enhance in sentiment in November. Forty percent of respondents say they plan to hire in the next 12 months, a huge leap from Biden’s status quo.
Small businesses and everyday Americans are eager to return to the shared prosperity they enjoyed under Trump before the pandemic. Our poll shows that American petite businesses supported Trump over Kamala Harris by 16 points. Even more respondents say a Trump presidency will be good for petite businesses.
Trump and Republicans could reward this support for petite businesses by passing an extension of the Tax Cuts and Jobs Act, which will expire next year, immediately after he takes office. Our poll shows that by five to one, petite businesses want the tax cuts extended.
Unfortunately, Republicans’ slim margin in the House of Representatives leaves the party little room for error. Despite opposition from House Republicans, Senate Republicans did apparently calling for priority to be given to border and energy legislation and postponing tax cuts until later in 2025.
This would be a strategic mistake. With almost no votes to spare in the House, Republicans would be wiser to lead with tax cuts coupled with executive actions on borders and energy while political capital is at its highest.
This strategy would allow Republicans to make larger tax cuts. Instead of simply expanding the TCJA, Republicans should consider expanding it. They should enhance the existing 20% petite business tax credit to 25%, expand the deduction to more petite businesses, and provide petite businesses with 100% immediate spending every year.
These tax cuts would allow Main Street to maintain competitive parity with corporations, whose tax rates Trump wants to lower to 15%. They would keep more money in communities where it is needed and revitalize the entrepreneurial climate in a country that is under constant attack by the Biden-Harris administration.
What about deficit concerns? With the nation adding $1 trillion debt every hundred daysRepublican lawmakers are rightly focused on the fiscal impact.
But the factor behind the deficit is not tax cuts, but reckless spending. Federal adjusted for inflation tax revenues have increased significantly since the TCJA was enacted in 2017. Meanwhile, baseline spending has increased from $4 trillion to over $6 trillion over this period.
The only way to solve the country’s fiscal problems is through spending cuts and strong economic growth. Extending and expanding the TCJA will return the nation to the 3% growth needed to supercharge the economy and enhance tax revenues.
How President Kennedy put it in 1963: “Cutting taxes is the best way we have to raise revenues.” By cutting taxes and restoring federal spending to pre-pandemic levels, lawmakers can eliminate the deficit. The TCJA extension and expansion will restore Main Street and ensure productive job creation for years to come.
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Alfredo Ortiz is the CEO of Job Creators Network, author of The Real Race Revolutionaries, and co-host of The Main Street Matters podcast.
