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Why TCJA Matters
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In 2017, Congress passed the Tax Cuts and Jobs Act (TCJA). This gave much needed relief to middle class families and small businesses in the form of lower taxes. However, the TCJA is set to expire this year. Here’s why that matters:
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Helping Latinos Deal with Washington’s Inflation
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The record-breaking inflation caused by the Biden administration put a massive strain on lower- and middle-class families who still struggle to cover the basic necessities like groceries and gas. This disproportionately affects Latino families and small business owners. If the tax cuts were to expire, Latino families would be forced to pay an additional $1,500 a year in new taxes, making it almost impossible for them to make ends meet.
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Defending Latino-owned small businesses
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Small locally owned businesses, which are a cornerstone of the Latino community, received a 20% reduction in their tax obligations. This allowed businesses to create more jobs in their community and ensured that Latino communities could prosper. However, if the TCJA were to expire these same businesses would be hit with a much higher tax burden. This would all but guarantee lost jobs and shuttered businesses if allowed to happen.
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Get Spending Under Control
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Washington DC has a massive spending problem. In fact, from 2017 to now, total federal revenue is expected to be $620 billion higher than projected prior to passage of the TCJA and total revenue between 2017 and 2027 is expected to be $2.7 TRILLION higher than forecasted.[/action][vc_separator type=”transparent” down=”47″][action type=”with_icon” icon=”fa-sort-amount-desc” icon_size=”fa-4x” show_button=”no” text_left_padding=”102″ background_color=”#ffffff” icon_color=”#2b549b”]
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Cut the Deficit, but Not on the Backs of Latinos
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There’s no question that the government needs to bring down the federal deficit, but it shouldn’t be at the expense of hardworking Latino families and business owners that desperately need a tax break. A majority of Latino families (54%) agree that the best way to cut the deficit is to grow the economy and 40% believe that cutting government spending is the best way to solve our nation’s deficit.
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