Ross Spano: Another Year of Tax Cuts Thanks to President Trump

Floridians across the board are paying less taxes for the second year in a row, as a result of President Donald Trump’s pro-growth policies.

Thanks to President Trump, 82 percent of middle-income Americans experienced a tax cut because a majority of the tax savings going to low and middle-income households. As a result of the historic Tax Cuts and Jobs Act, the average American worker takes home an extra $100 a month in their paycheck.

In the Sunshine State, Floridians received an average tax cut of $1,354 and in 2018, the Tax Cuts and Jobs Act created more than 12,600 jobs. Despite what Nancy Pelosi tries to say, this relief is anything but “crumbs” to hard-working Floridians.

The Tax Cuts and Jobs Act lowered the individual tax rates for low- and middle-income Floridians, doubled the standard deduction and doubled the Child Tax Credit. More than 7.5 million Floridian households have benefited from the standard deduction doubling, while nearly 1.3 million Florida households are continuing to benefit from the child tax credit increase.

As a result of the GOP tax cut, small businesses are experiencing a 20 percent deductionon business income, full and immediate expensing of short-term capital investments, and a 25 percent tax credit for businesses offering paid family leave.

Another life-changing result of the Tax Cuts and Jobs act is opportunity zones, which give investors a tax incentive to put money into distressed communities. Nearly 9,000 opportunity zones were created in all 50 states, DC, and five territories, with 427 opportunity zones designated in Florida.  These opportunity zones have already spurred hundreds of investments in communities across our great nation.

These are huge benefits that Democrats want you to ignore.

Joe Biden said the “first thing” he would do in office is repeal the GOP tax cuts. This isn’t shocking, since he already told us he wants to raise our taxes.

His $4 trillion tax hike would hurt the economy and kill more than 500,000 American jobs.

Floridian job creators don’t deserve this. His plan would increase the corporate tax rate, raise the capital gains tax, and enforce a 12.4 percent payroll tax on income earned above $400,000.

President Trump wants Floridians to see more of their paycheck in their pockets, while Joe Biden wants to take more away. It’s that simple.

Joe Biden’s plans to crush our economy do not end there. He has proposed a dangerous Green New Deal initiative that would cost each Florida household $73,000 in its first year alone.

President Trump and Republican leadership put Americans first by repealing and replacing a 30-year old, outdated tax policy that was crippling our economy. Joe Biden’s plan is to revert back, lowering our GDP by over 1.5 percent and increase tax revenue by $3.8 trillion over the next decade, and he isn’t even hiding it.

The facts are clear, President Trump built the strongest economy in the world once and, based on the last two jobs report, he is poised to do it again. In Joe Biden’s America, Floridians will once again be tethered by unfair policies and regulations. Because of this, the Sunshine State trusts our economy in the hands of President Trump which is why we will send him back to the White House in November.

U.S. Rep. Ross Spano, R-Fla., was first elected to Congress in 2018.

 

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