Good News Keeps Rolling in for American Workers and the American Economy Following Tax Reform
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GOOD NEWS KEEPS ROLLING IN FOR AMERICAN WORKERS AND THE AMERICAN ECONOMY FOLLOWING TAX REFORM
"When we began our push for tax cuts, I promised that our bill would result in more jobs, higher wages, and tremendous relief for middle-class families, and that is exactly what we have delivered."
- President
GOOD NEWS FOR AMERICAN WORKERS: President
* Across the United States, more than 280 companies have announced new investments, employee bonuses, higher wages, and increased contributions to retirement plans.
* Companies have already announced compensation increases or special bonuses for at least 3 million American workers - just barely a month after the tax cuts became law.
* Major new announcements that will benefit American workers continue to roll in.
o Lockheed Martin has announced that it will be investing
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o Apple is issuing shares of stock valued at
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BUILDING ON OUR ECONOMIC MOMENTUM:
* Recent polling shows Americans are satisfied with the state of the
* Consumer optimism increased in January according to
o Consumers are confident that the strong pace of growth seen in late 2017 will continue in 2018.
* According to the UBS Investor Watch Quarterly, which surveys business owner sentiment, optimism has soared since the passage of tax reform.
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* The number of Americans filing for unemployment benefits has fallen to the lowest level since 1973 - a time when the economy had only half as many workers who could potentially get laid off.
AN OVERDUE BOOST TO AMERICAN BUSINESS:
* The Tax Cuts and Jobs Act lowered the corporate tax rate from 35 percent, the highest in the developed world, to 21 percent, enabling American businesses to compete and grow. Over the next five years, businesses will be able to deduct 100 percent of the cost of their capital investments in the year they make the investment.
o As a result of these tax cuts, businesses will be able to invest more of their earnings in their business, including hiring more workers and increasing wages.
* Cutting taxes on "pass-through" businesses will provide much-needed relief for small and mid-sized businesses.
o Under the Tax Cuts and Jobs Act, most owners of "pass-through" businesses, such as S corporations and sole proprietorships, will now be able to deduct 20 percent of their business income.
o Over 90 percent of all American businesses are organized as "pass-through" entities.
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