In poll after poll, Americans list the economy and combating inflation as their top priorities. As families brace for tough choices in 2025, one thing is clear: a combination of pro-business deregulation and permanent tax reform is necessary for our economy to thrive. Key provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire at the end of the year – so it’s up to Congress to provide long-term certainty for small businesses and entrepreneurs.

The TCJA is one of the most significant pieces of pro-growth legislation in modern American history. Lowering tax rates for individuals and businesses has helped usher in record-low unemployment and wage growth for everyday Americans and has led to historic small business creation.

The TCJA was passed to spur investment and innovation – and that’s exactly what it did. Bonus depreciation allowed businesses to immediately write off the full cost of new equipment, encouraging reinvestment and growth. The Qualified Business Income deduction significantly reduced the tax burden on local job creators, fueling growth on Main Street. Expanding the Child Tax Credit and doubling the standard deduction gave working families real financial breathing room. For many entrepreneurs, that extra $1,000 per child meant the difference between taking a risk to grow their business or being forced to shut it down.

But with these provisions expiring in late September, those gains are at risk. That’s exactly why we need to codify them.

With expiration looming, businesses are also facing a tax hike in the form of tariffs – just as they are beginning to recover from the financial strain of the pandemic and persistent inflation. All this tumult and uncertainty has led to a steep decline in small business optimism – which saw a surge after the presidential election.

Making the TCJA permanent would ease these burdens and give businesses the certainty and flexibility they need to compete in a global market. It’s time to deliver.

Tax relief unshackled economic growth. Now, deregulation can supercharge it. American job creators and manufacturers have been weighed down by outdated or overly burdensome federal rules for far too long. In the last decade alone, regulations have grown by 15% and Americans have suffered for it. When regulations pile up like this, they force businesses to spend more on compliance and less on growth and innovation.

Regulation shouldn’t suffocate our businesses. The Trump Administration’s efforts at deregulation have been incredibly effective, saving Americans more than $180 billion. But there’s more that can be done. It’s not enough to stop Biden-era regulatory proposals; we need to examine the gamut of regulations going back decades.

We’ve always known the formula for economic freedom: low taxes, less red tape and more opportunity. To keep America competitive, Congress must make the TCJA permanent and work with the administration to advance a regulatory agenda that cuts red tape and empowers our middle class.