America’s workers deserve to keep more of what they earn. We will focus on making the tax system better for hardworking middle-class Americans each and every year.
The American economy is booming, once again, thanks to the Tax Cuts and Jobs Act. The new tax cuts provide substantial relief to working families in every congressional district by nearly doubling the standard deduction, doubling the Child Tax Credit, and substantially lowering tax rates. A typical family of four earning $75,000 will get a tax cut of $2,000, which cuts their tax bill in half.
By enacting the Tax Cuts and Jobs Act, we rejected the previous administration’s assertion that a stagnant, slow-growth economy was the best America could do. The new law has changed the trajectory of our economy for the better. Not a single Democrat voted for our reforms, which have generated the fastest level of wage growth in nearly a decade, the highest level of consumer confidence in 18 years, and the lowest level of unemployment since 1969. Together, the Trump Administration and congressional Republicans are creating more economic opportunity for workers of all walks of life – especially for those hit hardest by the recession, who the previous administration left behind.
The House recently passed Tax Reform 2.0, locking in the tax cuts from the Tax Cuts and Jobs Act for families and small businesses in order to provide certainty while continuing to enhance America’s economic prosperity. Tax Reform 2.0 reflects our shared commitment to the American people that we will never again wait 30 years to reform our Nation’s tax code.
We are not done yet. We know that when hardworking Americans – not Washington – are in charge of spending their own money, our economy grows and families are better off. We are committed to delivering an additional 10 percent tax cut to middle-class workers across the country. And we intend to take swift action on this legislation at the start of the 116th Congress.