We finally have a president who knows what it takes for a business to succeed in this country, and who won’t bow to political pressure. Just look at the Tax Cuts and Jobs Act where individuals and businesses are benefiting tremendously. These tax cuts are already providing working Americans with greater take-home pay. Every week, Americans are seeing bigger paychecks and using the money for the things they need, such as paying rent, utility bills, or college tuition.
Similarly, we have seen businesses use the extra money they have for private investment. Following the passage of tax cuts, Arizona businesses such as YAM Worldwide, U-Haul, and Sutter Masonry Inc. have announced pay hikes, bonuses, increased 401(k) contributions, additional hiring, and the purchasing of new equipment.
Arizona is a state that has an outstanding reputation for attracting business, something many of us in the Legislature try to facilitate because we know businesses need staffing, meaning more Arizonans will be able to fill good-paying jobs. Arizona is currently home to over 500,000 small businesses that employ almost one million of our fellow citizens, and we want that number to grow as new businesses open or migrate to our state.
Since tax revenues follow economic growth, not higher tax rates, it’s refreshing to see a president and Congress work together to encourage economic growth through a competitive tax code and lessened regulations, all of which makes the cost of doing business as low and predictable as possible for our small business owners. Arizona is proud to have more than 500,000 small businesses (defined by the Small Business Administration as 500 or fewer employees).
Despite their massive benefits, President Trump’s tax cuts are just one step in revitalizing American businesses to face the challenges of the 21st century. We must continue to deregulate job creators so that, instead of being held hostage by government red tape, they can focus on being successful and helping their employees.
Since taking office, President Trump has slashed over 1,500 planned regulatory actions, more than any other presidential administration in history. This is an unprecedented start, but he had much to clean up from the previous administration. As such, we must continue to cut needless mandates that overburden our business community. Far too many government regulations exist seemingly with the sole purpose of producing reams of paperwork and headaches with little to no benefit to the public.
Our nation is facing a deficit of nearly $1 trillion this year, and a national debt of $20 trillion (not including unfunded liabilities). Without sustained regulatory reform, the gains we have made in the past year are at risk of being wiped out.
As long as we in government seek to help business rather than restrict it, job creators will continue to flourish. As lawmakers, we should be asking ourselves if regulations are in fact justified or simply a nanny-state solution in search of a problem that doesn’t exist.
Let’s unleash the power of American innovation, starting right here in Arizona.
— Paul Boyer, a Republican, is a state representative for Legislative District 20 and chairs the House Committee on Education.
The views expressed in guest commentaries are those of the author and are not the views of the Arizona Capitol Times.