Because of the Tax Cuts and Jobs Act, signed into law at the end of last year, the Treasury Department projects that 90% of Americans will pay lower taxes in 2018.
And, the average family of four in the Sixth District will make an extra $4,420 in 2018, using the standard deduction
According to Americans for Tax Reform, 440 companies (and counting) have announced new hiring, bonuses, wage hikes, 401(K) match increases, or lowered rates as of April 1, 2018. And at least 4 million Americans are receiving special tax reform bonuses.
That list includes some companies with a significant presence right here in the Sixth District – from UPS and Home Depot to AT&T, which employs nearly 3,000 of my constituents.
To see a full list of these companies – as well as the diverse array of benefits they are providing their employees – visit www.majoritywhip.gov/TaxReformWorks.
Growth in the U.S. is being fueled by some of the highest economic confidence we've seen this century. In fact, while unemployment levels are at a 17-year low, economic confidence is at a 17-year high.
Obviously, multiple factors have contributed to this growth, but it is clear that tax cuts and tax reform have immediately injected new life into our economy. That means higher wages, bigger paychecks, and more jobs.
Additionally, America’s corporate tax rate was lowered from the highest in the developed world to below the Organization of Economic Co-operation and Development (OECD) average.
Most importantly, nearly everyone's paycheck is going up because of the Tax Cuts and Jobs Act. With the trend of economic growth and confidence continuing, Americans are going back to work, staying at work, and getting paid more for the hard work they do.