Here’s the news: The Tax Cuts and Jobs Act is paving the way for a booming economy for our recent graduates. For those that are getting ready to cross the stage this spring and receive their diplomas, there are three main reasons to celebrate our growing economy.
1. New Hires are Receiving Higher Wages
According to CNN:
“Wages for new workers in the United States were 5% higher in March than a year ago.”
Every day we see companies raising wages due to a lower corporate tax rate. That’s great for experienced workers. And young people entering the workforce for the first time, whether they are graduating high school, college, or vocational training, will reap the benefit of increased starting salaries that will help put them on a path to success.
2. Layoffs are Historically Low
As the Wall Street Journal reported:
“The number of Americans applying for unemployment benefits fell to the lowest level since 1969, the latest sign the labor market is firming after years of steady job growth.”
Getting a job is great — and keeping a job is even better. With a tax code that allows our businesses to compete and win, our job creators are investing in their workforces, which is welcome news for those just entering into the labor market.
3. Ice Cold Beer (just for graduates of the legal drinking age)
“The bill cuts the federal excise tax in half for the first 60,000 barrels for domestic brewers…who produce less than 2 million barrels annually. … The savings will allow these craft breweries to buy more equipment, and ramp up distribution efforts to compete with the larger-known beer brands.”
Under our new tax code, local breweries now have more incentive to grow faster, helping them hire more workers and bring craft beer and other products to customers sooner. These smaller breweries can now compete and win, which means more varieties of beer on the shelves — just in time for new grads to celebrate their new jobs and higher wages.
As graduates start their new lives after years of school, tax reform gives them lots of reasons to be excited. Ways and Means Republicans are committed to building off this momentum to keep our economy booming for generations to come.