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.