According to a piece from the Hill federal taxes only made up 7.9% of GDP in 2018 instead of the 8.3% in 2016 and 2017. Federal corporate taxes fell by nearly 50% from 2017. This means that tax savings were put towards savings and investments instead of being spent. Thanks to the Tax Cuts & Jobs Act, America is experiencing the highest level of investment since 2001.
In a letter from the York Dispatch, one constituent reached out to his representative, Lloyd Smucker, and thanked him for his work endorsing the TCJA. After helping one of his family friends with their taxes, he calculated that they had saved a whopping $3,300 in 2018 thanks to the TCJA. This is a real-life case that celebrates the triumph of tax reform and the relief this tax cut gave to the working middle class.
Thanks to the great work from congressmen and representatives, like Lloyd Smucker, hardworking Americans are keeping more of what they earn and putting it to good use.