West Florida News

U.S. Representative Greg Steube (R-Fla.) has written an opinion piece emphasizing the importance of making President Trump's 2017 tax reform legislation permanent and outlining the potential consequences of allowing it to expire, as proposed by President Biden. The op-ed was published in The Sarasota Herald-Tribune.

Steube argues that the expiration of Trump’s Tax Cuts and Jobs Act in 2025 would jeopardize the financial security of working-class households and have detrimental effects on the overall economy. As a member of the House Ways and Means Committee, he advocates for America First policies, which include renewing and building upon the successes of this tax legislation.

"Contrary to the tired far-left messaging that falsely claims the tax cuts only favor the wealthy, the reality is very different," Steube writes. He cites feedback from constituents who have benefited from these tax cuts, particularly during COVID-19 and amidst what he describes as "President Joe Biden’s rampant inflation."

Steube highlights how middle and working-class families, along with small businesses, have benefited from these tax cuts. He provides an example from his district where a small farm-fresh grocery store expanded due to Trump’s tax credits but now faces uncertainty about further expansion if these credits are revoked.

A study by the National Bureau of Economic Research and the federal Treasury Department found that corporate tax reform under Trump increased domestic investment by about 20% in two years following its enactment. This investment led to job creation and more disposable income for American families.

Steube contrasts Trump’s economic policies with those proposed by Biden, arguing that while Trump’s policies lifted over six million people out of poverty, Biden's proposed $7 trillion in tax hikes would harm the economy and foster government dependence.

"Biden is currently campaigning on reversing Trump’s cuts," Steube notes, referencing a recent tweet by Biden promising to let Trump's tax law expire if re-elected. According to Steube, this would lead to significant increases in taxes for American families and businesses.

He points out that even some Democrats are starting to support elements of Trump's tax reforms. A recent bipartisan House vote renewed three key provisions from Trump's tax plan: immediate expensing for research and development, full interest deductibility, and expanded 100% expensing.

"There’s no questioning the level of prosperity Trump’s tax policies have brought to America," Steube asserts. He calls for a continued commitment to pro-America, pro-growth policies to maintain economic success post-pandemic.

"We must fight to make the Trump tax cuts permanent," concludes Steube.

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

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