The “real story” behind the tax cuts isn’t just in the “total amount of tax savings,” but also in the “broader economic impact,” according to Ortiz.
“Two-thirds of the job growth is in the hands of small business owners,” he said. “The big thing happening with this economic boom is that small business owners have been able to continue investing in their businesses. Whether its buying equipment needed to grow their business or investing right back into their people through higher wages and better benefits.”
One of the small business entrepreneurs that benefited from the tax cuts was Joseph Semprevivo, a JCN member from Florida who runs a diabetic-friendly baked goods company. The legislation’s corporate tax cuts and expanded business deductions saved Semprevivo’s business $30,000 over the year. Instead of pocketing the money, he chose to share it with his employees.
“As a result of the tax cuts we hired five new team members and we gave all our employees raises between $3,250 and $5,100,” Semprevivo told the Free Beacon. “This was my way of telling my employees we love them, we want to retain you… and you’re valuable.”