As the Democrats continue pushing for higher taxes on the campaign trail, the Tax Cuts and Jobs Act (TCJA) proves that lower taxes help businesses grow and create new jobs for Americans. Under the TCJA, we have seen historic economic growth, unemployment rates have drastically decreased, and income continues to rise.
This month, the Fed has announced that the U.S. economy continues to have a positive outlook. “The outlook generally was positive for the coming months, with expectations of continued modest growth, despite widespread concerns about the possible negative impact of trade-related uncertainty,” according to the report Wednesday in Washington.
Not only are we creating more jobs, but people are spending more. The Feds have reported that retail sales have increased overall. Americans are feeling the benefits of small government, and businesses are thriving because of it.
Because of the great economic output from TCJA, the Feds are expected to reduce interest rates by a quarter point soon. The economy continues to grow, businesses continue to thrive, and the TCJA continues to positively impact American’s and America’s economy.
Last month, we heard from Democratic Presidential Candidates that they would raise tax rates if and when they took office. Clearly this would be a mistake because the economy has been rolling since the Tax Cuts and Jobs Act (TCJA) was passed in late 2017.
The June jobs report showed that nonfarm payrolls rose by 224,000, which was well above the market expectations. Unemployment is still at a near 50-year low. These numbers eased recession fears and showed that the U.S. economy is still thriving. Average hourly wages also continued to show growth this month, up 6 cents to $27.90.
This payroll growth is the best gain since January of this year. Professional and business services led the job increases, adding 51,000 to their payrolls, while health care added 35,000 and transportation and warehousing added another 24,000. Construction added 21,000 to its payroll, and manufacturing added 17,000 jobs. The labor force continues to grow, unemployment is staying low, and jobs continue to be created. This is the longest period of economic expansion on record, according to the head of global markets at Citizens Bank, Tony Bedikian.
Thanks to the TCJA we are seeing a thriving economy. President Trump’s tax reform has created the best environment for business and economic growth in years.
It’s often said that small businesses are the backbone of America. But big government hasn’t always done all it can to make things simpler for these smaller enterprises. Fortunately, the Tax Cuts and Jobs act has changed that for small business owners across the country.
After years of stagnation a mother daughter business that started in their garage is finally getting a break. The TCJA cut their rates, which allowed them to increase wages, ramp up employment, and grow their product line. All of this has helped them make significant investments in the family business and allowed them to give back to their community.
This is one of thousands of real life stories of people benefiting from the TCJA. Small businesses have been able to hire people at the highest level in 45 years, meaning more jobs and better wages.
Thanks to the TCJA Unemployment is at its lowest level since 1969 at 3.6 percent. In April alone, the U.S. economy added 263,000 new jobs. On top of that, America’s first quarter GDP grew by 3.2 percent; marking the first growth over 3 percent since 2015. Finally America is looking out for small business owners and ushering in a new era of economic growth.
The 2018 tax season has come to a close this week and the Tax Cuts and Jobs Act has given Americans plenty to be grateful for. According to a CNN analysis of President Trump’s tax laws most US taxpayers were winners this tax season. A majority of Americans should have their tax burden decreased by $100 this year. The TCJA has helped families and individuals keep more of their hard-earned money; something all Americans can celebrate.
Even more noteworthy than the early results of tax reform’s impact on the 2018 tax season is the economic boom contributed by tax cuts. The TCJA has helped increase workers’ wages and benefits, increase domestic and foreign investment, will help promote longer-term investment. Big companies have been able to invest more in employee benefits like employee education, increased wages, and pension funding. Despite unsubstantiated and unwarranted criticism, tax reform continues to prove its worth to the American people.
It’s time for the tax reform naysayers to accept the reality of the TCJA’s success. President Trump’s tax reform has been good for workers and businesses alike. Our economy is soaring thanks to the impact of the TCJA.
For the First time since the Great Recession in 2008 lower-end earners are getting greater benefits than higher-end earners. According to the Bureau of Labor statistics earnings rose by 3.4%, which marked the seventh consecutive month that saw earnings increase by 3% or more. This solid growth across income levels is an excellent indicator that our Economy is thriving. CNBC’s Jeff Cox even said that this wage trend could prove that our economy will be able to maintain the growth seen in 2018.
Our economy is not only prospering domestically, but globally as well. The Tax Cuts and Jobs Act has helped the American economy a force to be reckoned with. Thanks to the reduction of the corporate tax rate the American economy has become the most competitive economy in the world. GDP growth went up 3.1% in 2018, wages grew by 3.4%, and unemployment is at its lowest point in the past 50 years.
Many members of Congress are optimistic about the sustainability of this economic surge, despite the Democrats harping on the shortcomings of the TCJA during this week’s House Ways and Means Committee hearing. Representative Kevin Brady is insistent that this economic growth is not the precursor to a slowdown, disregarding the recent assertion that it is nothing more than a “sugar high”.
Tax reform has offered an incredible boost to our economy. Thanks to the TCJA business is booming, and there is no end in sight.