After the Tax Cuts and Jobs Act took effect in 2018, the good news has been rolling in.
Today, we have the lowest unemployment rate since 1969. Additionally, we are near record low unemployment rates for Hispanics, African-Americans, women, and people without an advanced degree.
The economy has been surging, even staying above 3 percent growth—an accomplishment some economists said would never happen. Wages have been growing too, and the extra good news here is that the fastest wage growth has actually been going to those who have the lowest income. The wage growth for blue-collar workers is actually outpacing the overall national wage growth.
Small businesses are now paying less taxes too, which allows millions of American businesses to expand, offer higher wages and hire more people. This could be part of the reason why a recent report shows 80 percent of small business owners remain confident in the economy.
The Tax Cuts and Jobs Act ensured that most Americans are keeping more of the money they earn. This has helped millions of people who, in turn, secure America’s place as the world’s number one economy.
Thank you members of Congress who voted for the bill and the Administration for delivering the promise of tax relief to hard-working Americans and entrepreneurs.