May 31, 2024 | Press Releases

WASHINGTON — U.S. Representative Greg Steube (R-Fla.) penned an opinion piece discussing why it’s critical to make President Trump’s landmark tax reform legislation permanent, and the consequences of Biden’s promise to allow for expiration. Read the opinion piece in The Sarasota Herald-Tribune here and below.

There’s been a lot of talk lately from the Biden White House about scrapping President Donald Trump’s landmark 2017 tax cuts. This should alarm every single American. 

With the bulk of Trump’s Tax Cuts and Jobs Act set to expire in 2025, it’s imperative that this law be made permanent.  Failure to do so will jeopardize the financial security of working-class households and also leave disastrous impacts on our overall economy. 

As a member of the House Ways and Means Committee, Congress’ chief tax-writing committee, I have firmly advocated for America First policies, which include renewing and building upon the Tax Cuts and Jobs Act’s many successes. Contrary to the tired far-left messaging that falsely claims the tax cuts only favor the wealthy, the reality is very different.

During my time in Congress, I have personally heard from countless constituents about how the Tax Cuts and Jobs Act has helped their families and businesses, especially with weathering COVID-19 and President Joe Biden’s rampant inflation. In fact, Trump’s tax policies served as a critical buoy in keeping our economy afloat during the pandemic as Democrats went on a multi-trillion dollar spending spree. 

The tax cuts provided substantial relief to all Americans, particularly benefiting middle and working-class families along with small businesses – the backbone of our economy. In my district, a small farm fresh grocery store shared with me that the Trump tax credits gave it the ability to expand its stores; now opening another store is dependent on whether the tax credit will be revoked by Biden. That means jobs are on the line in my district. There are thousands of other small businesses across the country facing the same dilemma. 

A study by the National Bureau of Economic Research and the federal Treasury Department found that the corporate tax reform in the Tax Cuts and Jobs Act helped increase domestic investment by about 20% in the two years following the law’s enactment. These are not just numbers on a page; they have real meaning to American families. This increased investment has led to hundreds of thousands of new jobs, which has left more in Americans’ pocketbooks to put food on their dinner tables, send their kids to college and save for retirement. 

The glaring disparity between the pro-growth, pro-America policies of the Trump administration and the current Biden administration’s approach could not be starker. While Trump’s tax code propelled economic growth and lifted more than 6 million people out of poverty, the Biden administration has proposed $7 trillion in tax hikes, which would cause permanent damage to our economy and create an irreversible culture of government dependence in our country.  

The stakes are higher than ever. Biden is currently campaigning on reversing Trump’s cuts and recently tweeted bragging about the tax law expiring in 2025, saying, “If I’m reelected, it’s going to stay expired.” If he is successful, American families and businesses across our country will see their taxes significantly increased. The small business federal income tax will go from 21% to 43%, an increase that will force small businesses to make tough decisions like laying off workers or increasing prices on consumers. 

How do we know the Trump tax cuts are popular? Even Democrats are starting to come around. The House recently passed a significant tax package that renewed three key Trump provisions, and it received broad bipartisan support. The Tax Relief for American Families and Workers Act restores immediate expensing for research and development, provides full interest deductibility and expands 100% expensing. These Tax Cuts and Jobs Act policies grew investment in American businesses and strengthened our competitiveness with China.

While not a single Democrat supported the Tax Cuts and Jobs Act vote in 2017, the overwhelming bipartisan support of this tax package is proof that even House Democrats can’t deny Trump’s economic policies worked.

There’s no questioning the level of prosperity Trump’s tax policies have brought to America. The only question now is this: Why would Americans support a president who promises to undercut such successful policies?

The way forward for our country must be a steadfast dedication to preserving a pro-America, pro-growth agenda that has underpinned our nation’s pre-pandemic economic success. By rejecting the left’s policies that thwart American competitiveness, we must instead embrace policies to empower individuals and businesses so America can remain a beacon of opportunity and prosperity for generations to come.

We must fight to make the Trump tax cuts permanent.

U.S. Rep. Greg Steube represents Florida’s 17th Congressional District, which includes Sarasota, Charlotte and Lee counties.