Steube Joins U.S. Chamber Roundtable to Discuss TCJA

VENICE - U.S. Representative Greg Steube (R-Fla.) today joined a U.S. Chamber Roundtable in North Venice, Florida, to discuss the importance of extending the Tax Cuts and Jobs Act (TCJA) of 2017.

Hosted at the Ajax Paving Industry complex in North Venice, the U.S. Chamber Roundtable focused on the benefits of the TCJA and the risks posed to small businesses and local industries in the Suncoast if Congress fails to renew the law.

"There is a reason small business owners and entrepreneurs look to Southwest Florida to pursue the American dream. No community better represents and embraces the values of free enterprise than the Suncoast," said Rep. Steube. "Since its passage in 2017, the Tax Cuts and Jobs Act (TCJA) has delivered unprecedented prosperity for employers and employees alike. From streamlining corporate taxation to providing a critical tax deduction for small business development, the TCJA has delivered on its promise. Failing to renew the law would be catastrophic for not only Southwest Florida but the entire nation. Extending the TCJA will ensure our businesses and local industries prosper and remain competitive in the global economy for years to come."

From the 20% deduction for qualified business income to the reduction in the corporate tax rate from 35% to 21%, the TCJA delivered a major boost to both employers and employees alike. In the first two years following the passage of the TCJA, median household income rose by nearly $7,000, the largest increase in income for working families since the late 1990s. Americans earning an adjusted gross income of $15,000 to $50,000 per year received tax relief of as much as 26% of their annual income. A recent study by the National Federation of Independent Business also estimated the TCJA's 20% deduction for qualified business income will free up an additional $75 billion for small businesses and create one million new jobs per year over the next decade.

After his remarks, Representative Steube was recognized by the National Asphalt and Paving Association. He concluded his visit with a tour of the Ajax Paving Industries' facility followed by a meet-and-greet with employees.