3 ways the Working Families Tax Cuts help small businesses grow

Running a small business in America sometimes feels like sailing from one storm to another.

Costs keep going up, people are spending less, and to add insult to injury, many business owners are spending more time dealing with government red tape than … doing business.

Helping entrepreneurs grow their businesses shouldn’t be this hard.

American entrepreneurs have the drive, inventiveness, and work ethic to get their companies to new heights. But excessive taxes and burdensome regulations make it harder for many local employers to stay afloat.

That’s why policies like the Working Families Tax Cuts are a big deal for the millions of small businesses that are the backbone of local communities across America.

Here are three ways these reforms are helping small businesses grow across America.

Helping small businesses grow starts with lower taxes

The vast majority of small businesses in America are “pass-through” companies, which means their owners file the company’s taxes on their personal returns.

Before the Working Families Tax Cuts, millions of entrepreneurs were bracing for a massive tax hike, as almost all tax rates were scheduled to go up as the 2017 tax cuts were set to expire.

The Working Families Tax Cuts stopped that.

They made the 2017 tax cuts permanent and extended the standard deduction for small businesses, saving them hundreds or thousands of dollars this year.

Thanks to the Working Families Tax Cuts, entrepreneurs can now:

• Hire more workers
• Expand operations
• Buy new equipment

Doug Sprankle knows that firsthand. He saw what happens when Washington makes it harder to run a business. Every extra dollar lost to taxes is a dollar that can’t go toward hiring workers or opening new shops.

That’s why tax relief is so important for America. When small businesses keep more of what they earn, everyone wins.

Red tape makes it harder for small businesses to grow

Starting or expanding a business shouldn’t take months of waiting on government approval.

But for many entrepreneurs, excessive regulations create delays that cost time and money. Permits, licenses, and complicated rules slow growth and make it harder to compete.

That hurts small businesses the most.

Tony Harrison knows this perfectly. As he built his food truck business, Tony spent so much time navigating government barriers that it felt like a second full-time job.

While the Working Families Tax Cuts don’t eliminate all the regulations that keep entrepreneurs locked down, the law does make their lives easier by keeping the standard deduction, making it easier for small businesses to file their taxes, and helping them save more of their money.

Gives small businesses the stability to plan ahead

Small business owners already face enough uncertainty. Rising costs, inflation, and hiring challenges make it difficult to plan for the future. A massive tax hike would only make things worse.

The Working Families Tax Cuts bring stability by locking in the 2017 tax cuts on small businesses and working families. That gives entrepreneurs more confidence to make long-term decisions instead of worrying about suddenly having to pay thousands of dollars more to Washington.

And in business, certainty is the name of the game.

When you know Washington isn’t about to raise your taxes overnight, it becomes a lot easier to plan ahead.

Less government, more freedom, more opportunity

Small businesses are facing real challenges right now. Rising costs, government barriers, and outdated regulations are making it harder to grow and compete.

But smart reforms like the Working Families Tax Cuts bring much-needed relief to small businesses.

Stopping a tax hike, bringing certainty, and making the tax code simpler, the law gives entrepreneurs more freedom to hire workers, expand their businesses, and strengthen their communities.

That’s good for small businesses — and good for America.

👉Read how entrepreneurs are benefitting from these reforms.