Small business owner and former Rep. Mike Hill commends tax reform in Florida.
“Since the Tax Cuts and Jobs Act passed, the economy is booming, unemployment is at a 17-year low and our state is thriving. Florida businesses are purchasing new equipment and expanding operations. More important, however, are the investments Florida businesses have made in their human capital—in hardworking Floridians,” said Hill in an op-ed in the Pensacola News Journal.
Hill owns a State Farm Insurance business and served in the 2nd State House District.
According to Hill, more than 40 percent of Florida employees work in small businesses, and 99 percent of firms in the state are small businesses.
“The tax relief passed last year is aimed squarely at letting small business owners get back to what we do best: creating jobs by providing needed goods and services to communities where we also live,” he said.
Hill took a closer look at the tax reform’s impact on Florida by highlighting the housing market in Pensacola. He says that there were 837 residential sales in Pensacola in April 2018, compared to 729 sales in April 2017.
“People are excited to relocate to our city because we have a great economic outlook! This year’s spring break, which is always a benefit to small businesses everywhere in Pensacola, reported higher turnout than last year as well. [It’s] good news for businesses across the city,” he said.
At a national level, over 500 businesses have announced wage hikes, 401(k) increases, and other methods of compensation as a direct result of the passage of tax cuts.
“It’s clear that tax cuts are working across Florida and in the United States. We need to keep up the momentum and continue to realize the benefits of freeing businesses from the burdens of excessive taxation, and instead encouraging our business communities to do what they do best; employ workers, generate goods and services, and grow to create a booming economy,” Hill said.