Happy Birthday, America! Just in time for the Fourth of July, the nation is on the cusp of passing historic tax cuts that will usher in a new economic Golden Age.
Tax cuts now mean more jobs tomorrow. In fact, Friday’s jobs report defied expectations, showing that small businesses are already beginning to expand and hire in anticipation of the passage of tax cuts.
The economy created 147,000 jobs last month, well above expectations, and the unemployment rate fell to 4.1%. Federal government employment fell again, and previous months’ job numbers were revised up, stark changes from the Biden administration’s record.
The combination of the historic tax cuts, low inflation, upcoming (yet belated) Federal Reserve rate cuts, and massive deregulation will usher in a booming jobs market led by Main Street employers. According to Job Creators Network polling, 70% of small businesses plan to hire, expand, raise wages, or reinvest in their communities when the tax cuts pass.
The media is failing in its job to explain the key pro-growth elements in the law, preferring to go with Democrat spin. Here’s what’s to remember: The bill makes the TCJA permanent, locking in lower rates, a doubled standard deduction, and a 20% small business deduction used by 26 million job creators to write off one-fifth of their income.
Without congressional action, these tax cuts would have expired at the end of the year, resulting in a $4.5 trillion tax hike that would have increased average American taxes by 22%.
Perhaps the centerpiece of the bill is the restoration and permanence of 100% immediate expensing for capital expenditures and research and development. Writing off these expenses allows for expansion and faster growth, particularly for capital-intensive industries such as construction, manufacturing, and trucking. It means the local bakery can upgrade ovens, or the neighborhood landscaper can replace its outdated (and deafening) leaf blowers without waiting years for a tax benefit.
Restoring full deductions for research and development expenses means small innovators no longer have to amortize R&D costs over five years. This will help startups, small manufacturers, and biotech firms that depend on innovation but lack the resources of larger corporations. It ensures tomorrow’s breakthroughs don’t just come from Silicon Valley but from garage inventors, biotech labs, and hometown engineers.
In a desperate, last-minute attempt to stop tax cuts for small businesses and working families, House Minority Leader Hakeem Jeffries spent Friday morning telling lies about the bill’s modest Medicaid changes. He pointed to an American with Down Syndrome and lied, “This one big ugly Republican bill has put a target on their back… This is a question for so many individuals of life and death.”
As the saying goes, there’s lies, damned lies and Democrat whoppers.
Let’s correct the record: No one who actually needs Medicaid will be touched by this law, which merely implements modest work requirements for healthy recipients without dependents based on the moral principle that you shouldn’t get something for nothing.
My mother taught me that it’s fine to need and to receive, but you should always give back if you are able. Most Americans support this wisdom, with the overwhelming majority backing work requirements for welfare.
Work requirements will preserve Medicaid for those who truly need it, including children, seniors, the disabled, and pregnant women — i.e., the people that Democrats claim to care about.
Of course, none of the Democrats’ lies are corrected by the mainstream media, which recites their talking points in a way that would make Pravda proud.
Fortunately, the real-world impact of these tax cuts will be far more impactful than the mainstream coverage. They will boost Main Streets, communities, wages, living standards, jobs, and — yes — even tax revenues.
The Big Beautiful Bill is an American birthday gift to small businesses and hardworking families.
Alfredo Ortiz is CEO of Job Creators Network, author of “The Real Race Revolutionaries,” and co-host of the Main Street Matters podcast.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.
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