For the last eight years, North Carolina families and businesses have kept more of their hard-earned money, allowing them to save and invest in their future. But that could all change at the end of this year, unless Congress acts. 

The 2017 Tax Cuts and Jobs Act lowered taxes for all Americans, but many of the law’s provisions are set to expire at the end of this year, barring action from Congress. The results — less money, fewer jobs, and reduced opportunities — would be devastating for all North Carolinians. And as someone who works for a conservative outreach organization to Latinos in the state, I know Latinos would certainly be among those affected. 

As the looming fiscal cliff grows ever closer, North Carolinians and all Americans have two options: renew the Tax Cuts and Jobs Act of 2017 or face increased taxes and inflation indefinitely.  

Seems like an easy choice to me. 

The TCJA changed numerous tax provisions for both individuals and businesses. These changes not only dropped rates but also made it easier to file in April, saving both time and money. All of these changes allowed individuals and businesses to keep the money they have earned, with the average family of four keeping about $1,500 more each year. 

These reforms catalyzed strong economic growth. The TCJA significantly contributed to economic prosperity by reducing corporate and individual tax burdens, fostering job growth, and supporting small businesses. Businesses across our state have testified to how the TCJA allowed them to reinvest in their businesses and workers. 

These benefits have particularly helped Hispanic families and entrepreneurs in North Carolina, allowing them to achieve greater financial security and business success. It’s no coincidence that unemployment dropped to its lowest rate in 50 years after the bill passed. 

This economic momentum — and even simply the extra cash on hand — has been essential for cushioning the shocks over the last four years. After irresponsible spending policies in Washington sent inflation skyrocketing, Latino families are facing the highest cost of living in a generation, with the average North Carolina family spending $31,000 more since January 2021 than they would have otherwise. Because of this inflation, over 90% of Latino families see the American dream falling further out of reach. 

Latino families in North Carolina can’t afford to pay more. But that is exactly what would happen if the TCJA provisions aren’t extended. 

North Carolina families would face a nearly $2,400 higher tax bill, but that’s just the immediate impact. Higher taxes kill jobs, and the state would have over 24,000 fewer long-term jobs without the TCJA’s provisions. 

Latino families know the benefits of a lower and more fair tax code. We are the fastest growing part of North Carolina’s population, bringing vigor and entrepreneurial energy to our state — and contributing $48 billion to North Carolina’s economy. We want to pay what we owe, but we also know that economic strength comes from vibrant families and businesses, not full coffers in Washington. 

A pro-growth tax code, like what the TCJA created, strengthens families and businesses by helping us to make the investments in our future that we need. The money we keep because of a lower tax rate represents our ability to buy basics like groceries and gas, and also take a vacation or save for our children’s college. For a small business, that savings is the difference between hiring a new employee or another year just breaking even — or worse. 

And it could be the difference between keeping a job in North Carolina or seeing it move overseas. 

Taxes make it harder to do business. Not only do they take money that could be used for paying employees and growing the enterprise, but they drain valuable time to make sure our businesses are complying. Raising taxes also makes it easier for other countries to compete for our businesses — and makes it harder for us to compete with their businesses. 

Few recent tax policies have been as pro-growth as the TCJA. Neither Latinos nor any other North Carolinian can afford to see these changes go away right now. 

We need North Carolina’s leaders in Washington, DC, to do the right thing and secure these tax breaks for the long haul.