Trump Tax Cuts Results, Part Two: Fairer Taxes
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.
What TCJA Did:
- Simplified that tax filing process for millions of workers.
- Eliminated the Alternative Minimum Tax for most taxpayers.
- Expanded popular savings tools, like 529 accounts.
How the Economy Responded:
- Millions of Hours Saved. Nearly nine out of 10 Americans took the standard deduction in 2019, no longer needing to go through the complicated process of itemizing.
- Revenues Soared. Breaking dire predictions from experts, federal revenues reached an all-time high, due to more Americans working, bigger paychecks, and businesses expanding.
For a larger compilation of how the Tax Cuts and Jobs Act is helping all American workers and small businesses, including the information from this series, CLICK HERE.
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