Thanks to tax reform, American’s can expect to see thousands of new jobs created and tremendous wage growth. Average Americans and small-business owners alike can spend their hard-earned money as they please and start saving accounts for their future, their business’ future, and their family’s future.
According to the non-partisan Tax Policy Center (TPC), middle-income taxpayers would pay about $900 less than under current law, about 1.6 percent of after-tax income, while the lowest income households would get an even more modest tax cut compared to current law. The TPC also estimated that 80 percent of households can expect to see a tax cut in 2018, and among middle-income households, 90 percent will be paying less in taxes.
In addition to the overall benefits to the average American, tax reform will also grow state economies, create jobs and boost wages according to a study by John Dunham & Associates. For example, in Pennsylvania, is expected to see that 226,450 jobs will be created along with an increase in wages by $9,788,270,600 in 2018.
These tax cuts will make American a more attractive place to do business again, and allow business of all sizes to invest back into the economy and our communities.
Read more about the benefits in your home state.