Opinion: Tax cuts help small businesses like mine
President Trump recently launched a tax reform sales tour in Missouri, urging Congress to pass tax cuts.
The people of Florida — especially small business owners — should keep a close eye on the president’s efforts. His proposal to cut federal small business taxes to 15 percent and reduce other business costs would unleash economic prosperity. Lower taxes and a simpler filing process leave more time and money for business expansion and job creation. Employees benefit when employers are hiring and raising wages.
As the owner of a restaurant, I know the positive impact of small business better than most. My husband, Juan, and I take pride in providing our guests a true Cuban experience, from cultural events to homemade carne con papas. Juan’s love for music brings out the rhythm of the old and modern-day Cuba, differentiating us from chain restaurants.
Coming from two troubled countries — Cuba and Nicaragua — my husband and I appreciate the many opportunities that the American dream has given us. We are honored to give back to the community not only serving great food and service, but also participating with many local nonprofit organizations and local government activities that benefit our city.
But the current tax code brings many daily challenges. High taxes make it costly to invest in new construction projects and renovations. A complex filing process has limited us to fixing only the most basic necessary mechanical problems.
A tax rate reduction would make it easier to re-invest our income into restaurant improvements, keeping up with the wear and tear of our building and equipment. It would also help us develop marketing strategies to survive in the competitive food-service industry, where profit margins are slim and restaurant closures are commonplace.
Most importantly, lower taxes would leave us with more resources to reward our hardworking employees. We could invest in more paid vacations, retirement plans and bonuses, in addition to supporting education and training programs.
And, of course, my husband and I could and would hire more employees with a lighter tax burden.
Many of Florida’s small business owners share the same frustrations about the outdated tax code. Helping them would reinvigorate the state economy.
Florida is home to 2.3 million small businesses, which employ more than 3 million employees — nearly half the state workforce. These numbers hold nationwide, as America’s 29 million small businesses support tens of millions of workers. Imagine what tax cuts could do for countless restaurants like ours around the country.
Gov. Rick Scott has already taken steps to help job creators. Earlier this year, the governor signed a $180 million tax cut package focused on small business tax relief. The new law slashed taxes charged on business rent, saving our state’s small businesses more than $60 million a year. This money can now be reinvested in higher wages and more jobs.
If Congress can follow in Florida’s footsteps and pass tax cuts, working Americans can reap the benefits nationwide.
Dina Rubio is the owner of Don Ramon Restaurant in West Palm Beach.
Source: USA TODAY