The Tax Cuts and Jobs Act, championed by President Trump and congressional Republicans, spurred a boom in economic growth that took Americans off the sidelines and got them back to work. Thanks to these reforms, our economy doesn’t have to strain under a tax code from 1986, but will recover with a modern, dynamic tax code that promotes growth.
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What TCJA Did:
- Created a historic tax cut for Main Street businesses.
- Lowered tax rates for job creators of all sizes.
- Made it easier for companies to bring jobs and investments back to the U.S.
How the Economy Responded:
- Main Street Optimism Reached An All-Time High. In the third quarter of 2018, small businesses recorded their highest level of optimism to date.
- Opportunities For All Americans Flourished. The unemployment rate reached a generational low, with record low unemployment for women, people of color, and workers without high school degrees.
- Jobs Added to the Economy. Since the enactment of TCJA, the economy gained nearly 5 million jobs before the pandemic.
- TCJA Brought a Record Amount of Job Openings. Under TCJA, job openings were at a record high of 7.5 million jobs.
- Businesses Started to Reinvest Again. Core investments in equipment and other business necessities reversed its Obama-era five-year downward trend and shot back up to near historic highs making businesses and workers more productive, while boosting workers’ wages.
- Business Applications At Record Levels. TCJA encouraged business creation as the amount of business applications reached its highest level ever of over 880,000.
CLICK HERE to learn more about how the Tax Cuts and Jobs Act is helping all American workers and small businesses.
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