While the President’s tax plan is facing considerable opposition from Democrats in Congress, this opinion written by Jerry Natividad, President of the AFL Main Group, demonstrates that some Republican Hispanic business leaders are raising their voice in support of the plan. Mr. Natividad explains why in the opinion below.
How POTUS’s Tax Cuts Will Help Hispanic Families
This October, I had the opportunity to participate in a Hispanic Heritage Month event hosted by Republican National Committee Chairwoman Ronna McDaniel. Local Latino business leaders and members of the community gathered in Denver, Colorado, to discuss the importance of supporting Hispanic-owned small businesses in the state and across the country.
President Trump and Republicans in Congress understand the importance of tax reform for hardworking Americans and American-owned businesses. And, this rings especially true in the Hispanic community where our entrepreneurial spirit is strong.
Our country and our economy have changed dramatically since the last time we had a major overhaul of our tax code in 1986. The average price of a loaf of bread was $.56, the median household income was $24,900, and Speaker of the House Paul Ryan was only a sophomore in high school. Times have clearly changed, and we must update our tax code to better reflect the way we live our lives and do business.
All Americans stand to benefit from an overhaul of the tax code, and because of that aforementioned “entrepreneurial spirit,” Hispanic-Americans are no exception. According to a 2012 study by the Small Business Administration, Hispanics own over 12% of small businesses in the country. In 2013, Hispanic households contributed nearly $124 billion in federal taxes and $67billion in state and local taxes. Hispanic women, in particular, are forging their own path here in the U.S. and currently own an estimated 1.9 million businesses nationwide, a whopping 137% increase in the last decade. These figures are remarkable indicators of the continued progress members of the Latino community are making as contributors to our economy.
Latinos are the fastest-growing population in the country. They make up 17.6% of the total population and are the majority demographic in states like California and New Mexico. Our communities’ contributions are expected to increase, as researchers estimate Latinos will deliver nearly a quarter of all U.S. GDP growth by the year 2020. We have so much to gain from President Trump’s tax cut plan, and our role in growing the economy only further underscores how our community can – and will – directly benefit from his tax reform proposal.
At a recent Hispanic Heritage Month event held at the White House, the President stated, “Hispanic-owned small businesses are the fastest growing businesses in America, starting at a pace 15 times the national average over the last decade.” The administration’s newly-proposed tax cuts will help these small businesses receive the relief they need to grow and prosper.
The Republican Party, like President Trump, understands the significance the Hispanic community has on our nation’s economy. Our Party knows that supporting the President’s tax cut plan means supporting tax relief for millions of Americans, including the approximately 56.6 million Hispanics in the U.S.
The President’s robust tax proposal is a smart and long-overdue decision. Hispanics—our nation’s largest minority group—may even have the most to gain from this reform. I am confident that the President and his administration have put forth a comprehensive plan which will improve the lives of all Americans. I look forward to seeing it come to fruition, and I look forward to keeping more of my hard-earned money in my wallet.
— Jerry Natividad, President of the AFL Main Group
About the author:
Jerry Natividad is a Colorado native who holds a Bachelor’s Degree in Business from Oklahoma State University and a Masters in Finance and Economics from the University of Denver.
He has been a long-term member and Board member of the Denver Hispanic Chamber of Commerce — Chairperson of the Legislative and Governmental Affairs Committee, the Business and Economic Committee, member of the Northern Colorado Latino Chamber of Commerce, the Colorado Springs Hispanic Chamber of Commerce, and the Pueblo Latino Chamber of Commerce. He was appointed to the National Advisory Council for the Small Business Administration by President George W. Bush.
Jerry was recently asked to serve on the advisory board of the Latino Coalition, a national business advocacy group that has partnered with the United States Chamber of Commerce to promote a strong economic policy that complements the efforts of Hispanic-owned businesses.