Forty years ago, I spent my first Independence Day here in Washington, D.C. My family and I had just arrived in the United States as legal immigrants, carrying all of our possessions in a few suitcases of clothes. I was not even three years old.
In my parents’ hearts burned the promise of America, a land of opportunity. They willingly traded the comfort of the warm Caribbean for the unknowns of the cold East Coast. But, they were inspired to expand the educational horizons for their son and daughter (and later, their second son), and what they hoped would eventually be fulfilling career paths for all of us.
Coming full circle, my occupation is a happy warrior fighting for policies that clear the path for Americans, native and immigrant-born, to achieve their American dream. That is why I ardently champion President Trump’s “One Big, Beautiful Bill” (OBBB). The OBBB supports entrepreneurs and risk-takers who invest their all into their dreams.
In the policy world, it’s easy to lose the message when wrangling over the details. The bottom line: If Congress does not pass the OBBB, most Americans will get a massive tax increase, which will send shockwaves through the economy. This bill extends and enhances many tax savings for individuals, families, and small businesses.
Despite the falsehoods promoted by the left, one fact is not in dispute: Most Americans received a tax cut from the 2017 Tax Cuts and Jobs Act (TCJA). CNN, the New York Times, and the Washington Post all admitted that years ago.
By lowering and broadening income tax rates, hardworking poor and middle-class workers kept more of their pay and did not jump into higher tax brackets when their incomes rose. Those savings were fuel for entrepreneurs.
About a third of the nation’s 35 million small firms are owned by women. Nearly all of them are organized as “pass-through” entities–meaning they are taxed under individual income tax rates. These entrepreneurs not only enjoyed lower income tax rates, but were provided a 20% deduction on business income, bringing their tax rates in line with the new, lowered corporate rate. The TCJA also provided full expensing—or 100% bonus depreciation—allowing businesses to write off necessary new or improved technology, equipment, or buildings in the year that the expense is made.
This was a game changer for thousands of aspiring entrepreneurs across the country. For a multigenerational, Italian immigrant family, their growing pastry empire began with one bakery in Michigan and the TCJA.
In 2018, Anthony Cangiolosi partnered with his uncle to launch his family’s first-ever stand-alone bakery, Tony Cannoli in Woodhaven, Michigan. He sunk “every single penny” into the new bakery with no certainty that it would be a success. “When you're investing all that money in display cases, ovens, all kinds of equipment…, we were able to depreciate it all in that initial year, which gave us the savings that we really needed at that time,” Cangiolosi explained to IWFeatures. Those savings provided the liquidity to grow their business, which now employs more than 100 people, the majority of whom are women.
The 2017 Tax cuts also created Opportunity Zones, a package of tax benefits to attract investment in certain areas that investors generally avoid. Lisa Buddecke and her husband had no plans to open a trendy food hall in Twin Falls, Idaho, until she learned about the Opportunity Zones, championed by Sen.Tim Scott (R-S.C.).
2nd South Market became a community revitalization project born from this provision, which allows investors to defer capital gains taxes by reinvesting in designated low-income areas.
The Buddecke’s forwent chain brands for local vendors, creating visibility and opportunity for local chefs. For Chan Chan, an immigrant from Burma, they offered even more. Chan worked around the clock as the co-owner of Fuji Express, one of 2nd South Market’s vendors serving a variety of Chinese, Japanese, and Vietnamese dishes. His grit and persistence paid off when he purchased his first home in the United States.
“The fact that we can hire local business folks so that they can grow their business, they can hire people, they can add more to the success of their family — that’s really our greatest joy,” Buddeccke explained to IWFeatures.
America is on the cusp of another economic revival. This does not happen if the 2017 tax cuts expire. Income tax rates for small businesses risk floating up to 43% and growth-incentivizing provisions disappear.
The One Big, Beautiful Bill will spur entrepreneurs to start, grow, and thrive. It permanently expands the Section 199A small business deduction, full expensing, and research and development benefits. When businesses invest in their enterprises, in the long run, workers win: higher wages, more jobs, and new benefits.
President Trump signing the One, Big Beautiful Bill into law on July 4th would be momentous. Immigrants forging their future alongside their native-born brethren depend on opportunities continuing to be plentiful. The One, Big Beautiful Bill supplies risk-takers and dreamers, like my parents when they gave me the gift of becoming Americans, with the fuel to move forward and succeed.
Patrice Onwuka is Director of the Center for Economic Opportunity at Independent Women.