The Tax Cuts and Jobs Act was designed to grow the U.S. economy and help our workers and job creators compete and win anywhere around the world.
Since the law was enacted last December, economic forecasts have been revised upward, our economy has been growing faster than forecasts predicted, unemployment claims have reached their lowest level since the 1960s, wages are growing at their fastest pace since 2008, and Main Street businesses are expanding like never before. The nonpartisan Congressional Budget Office projects that the Tax Cuts and Jobs Act will create 1.1 million jobs, raise real wages by $1.2 trillion, and boost investment by $600 billion over the next decade.
Democrats have chosen to ignore this booming economy and continue to belittle the fact that workers are seeing larger paychecks, lower utility bills, and investments in struggling parts of their community due to tax reform. The Left continuously undermines workers’ keeping more of their hard-earned money and preaches “crumbs” in the face of families’ seeing a new era of economic growth unfolding.
The truth is that tax reform is benefiting American workers and businesses.
You don’t have to just take our word for it.
A new report showed that:
“Among the 130 companies in the S&P 500 that have reported results in this earnings season, capital spending increased by 39 percent, the fastest rate in seven years, data compiled by UBS AG show.”
The piece goes on to say:
“The data is a fresh rebuttal to those who warned that hundreds of billions of dollars of tax relief will head directly to the stock market and be harvested by shareholders already fattened by a nine-year bull market. While buybacks indeed got a boost from the windfall, companies increased the rate at which they unleash cash for building factories and upgrading equipment, a strategy that’s preferred by investors for the benefit of future growth.”
What does this mean exactly?
It shows how tax reform, which was designed to let our job creators and families keep more of their money and spend it how they see fit, not how Washington sees fit, is already paying off. Businesses are investing in their workers and expanding their operations. That means more job opportunities for Americans. This is the foundation for future growth.
Now Republicans are working to build off the momentum of tax reform—so that our economy continues to grow and our workers and businesses have the tools they need to succeed. This good news is only the beginning of even more good things to come.