Tax Reform Clearly Helping American Workers

May 2, 2018 — Blog   

Tax reform has boosted America’s economy: Wages are growing at their fastest pace since 2008 and Main Street businesses are rapidly expanding. After years of struggling to save money and get ahead under President Obama’s stagnant economy, Americans are once again hopeful about their financial future.

This is because our tax code no longer runs roughshod over Main Street businesses or workers, but instead encourages economic growth, while also allowing workers to keep more of their hard-earned money through lower tax rates and a standard deduction that is now $24,000 for married couples filing joint and $18,000 for those filing as head of household.

Since the Tax Cuts and Jobs Act was enacted last December, economic forecasts have been revised upwardunemployment claims have reached their lowest level since the 1960s, wages are growing at their fastest pace since 2008, and Main Street businesses are expanding, which means more jobs for U.S. workers.

Economic growth will also increase job security for millions of Americans whose companies are now on a better financial footing. Many companies are ready to grow and expand thanks to tax reform, rather than downsize. In fact, the nonpartisan Congressional Budget Office projects that the Tax Cuts and Jobs Act will create 1.1 million jobs and boost investment by $600 billion over the next decade.

It’s clear that families and workers prosper when our economy is running on all cylinders, and for far too long our economy was held down by burdensome regulations and a tax code that only benefited Washington special interest groups. This is why the Tax Cuts and Jobs Act was designed to grow America’s economy by encouraging investment and ultimately bringing jobs back home from overseas. And clearly, this is what’s starting to happen to our economy – we’re seeing more jobs and higher paychecks. Thanks to tax reform our economy is booming and workers are reaping the benefits.