Tax Cuts and Jobs Act: Impact on Latino-Owned Businesses

Abstract

In December 2017, Congress passed and President Trump signed the “Tax Cuts and Jobs Act” (TCJA) into law. The new law is a massive tax cut for the richest Americans and big corporations, without significant and lasting tax relief for working families. The corporate tax rate decreased from 35% to 21%, but the tax law would do almost nothing for small businesses, which are the primary drivers of job creation.