The 2017 Tax Cuts and Jobs Act (TCJA) has become a beacon of hope and integral to a vital economic upturn for the town of Springfield, Vermont. For generations Springfield, Vermont, which lies close to the border of Vermont and New Hampshire on the Connecticut River, was the home to a booming manufacturing industry.
However, the economic backbone of this community began to falter in the 21st century as the manufacturing business moved overseas.
Bob Flint, the executive director of the Springfield Regional Development Corporation, said that the tax break incentive for small businesses and the newly introduced Opportunity Zones provided by the TCJA, have “stimulated really interesting projects.”
In Springfield, two multi-unit residential properties have already been purchased through this zoning program. Local supporters have suggested that limited regulatory restrictions provided by the TCJA have led to an increased ease in setting up businesses, and therefore the great success of these zones. Going forward, there is continued optimism about the opportunities for these zones provide, including growth of small businesses, job creation and affordable housing projects across the state.
The TCJA is making it easier for every day Americans to pursue the American Dream and start their own businesses. Springfield, Vermont is one of many examples of cities and towns across America being revitalized because of the TCJA.
The effects of the 2017 Tax Cuts and Jobs Act (TCJA) continue to ripple through the economy with the U.S adding 130,000 jobs in August. According to the U.S. Bureau of Labor Statistics the unemployment remains at the low rate of 3.7 percent while the labor force participation rate rose to 63.2 percent in the past month.
In addition to job creation, August saw the largest gain for average hourly wages in the past year: 11 percent. Wages have now grown 3.2 percent over the past year and are integral evidence of a strong economy. For people across the country wage increases have been a continued result of businesses having more money in their pockets due lower tax rates from the 2017 TCJA.
A year and half after its implementation it is clear that the 2017 TCJA continues to help people all over the nation gain jobs, increase wages and overall, live better lives.
Small businesses are doing better than ever thanks to President Trump’s historic tax cuts. Gallup recently released their quarterly Small Business Index survey. The overall index is +136, up from the +129 in Quarter 2. 58% of small business owners say their revenues increased in the past year, and 64% say they expect revenues to continue increasing.
Small businesses feel optimistic about their businesses, and the survey shows that this is mostly a result of a thriving national economy. 70% of owners think the US economy is excellent or good. The Tax Cuts and Jobs Act has created an environment that allows small businesses to remain competitive. Not having to worry about paying a high tax bill on top of the many other expenses that come with owning a small business is a major relief.
Businesses are moving back to America as job numbers continue to grow. Last week, pharmaceutical company Mylan announced it would be moving back to the U.S. in a merger deal with part of Pfizer Inc.
This is a continued sign of the Tax Growth and Jobs Act creating a thriving economy in the U.S., and making U.S. businesses more competitive in the international market.
Tax lawyers and analysts say that after the U.S. corporate tax cuts in the 2017 law, the edge between the U.S. and foreign rates is small enough that companies are not wanting to risk the reputational and political costs of moving abroad.
In addition to the announcement of Mylan moving back to the U.S., the July jobs report shows that payrolls increased by 164,000 and wages increased by 3.2%. The U.S. labor force is at a record-high with over 163.4 million people with jobs.
The TCJA continues to be a major success for America and Americans. It’s time for TCJA’s critics to accept that tax reform has been great for workers and businesses alike.
Americans are continuing to benefit from a robust economy nearly two years after President Trump’s historic Tax Cuts and Jobs Acts (TCJA). This week the Bureau of Economic Analysis announced that the GDP increased at a rate of 2.1% during the second quarter of 2019.
Disposable personal income also increased in the second quarter by 4.9%, or $193.4 billion. That is $193.4 billion in the hands of the American people to decide how they want to spend it and what they want to spend it on. When the people get to decide how to spend their money, America’s economy thrives.
The TCJA has promoted growth for the U.S. economy by creating jobs, growing paychecks, and strengthening American communities. Americans benefit when they get to keep more of their hard-earned money, rather than paying outlandish tax rates.
The U.S. is in the midst of the longest economic expansion in history, and in order to keep this momentum going, lawmakers must keep tax rates competitive.