6 Months of Historic Economic Prosperity
6 months ago, Congress passed the first major reform on our nation’s tax code since 1986.
The historic legislation, now signed into law, has changed the course of history for the United States.
Under tax reform, businesses large and small have flourished. More than 600 companies—and counting—have announced how they’re spreading the wealth with the money they’ll save from tax reform. These payouts include raises, bonuses, enhanced employee benefits, and the like, all as a direct result of historic reform.
On an April trip to Dallas, Southwest Airlines employees told Speaker Paul Ryan and House Ways and Means Chairman Kevin Brady the many ways they’ve used their tax reform savings and payouts:
One worker said the money helped pay for his child’s college tuition at Southern Methodist University. Another said it resulted in a new washer and dryer set. Another used the bonus to take her mom on a beach vacation. Still another used the funds to support a family in Kenya.
Thanks to tax reform:
- Withholding tables have changed, leading to larger paychecks
- Families of all types saved money on their taxes in April
- Unemployment has reached its lowest level in 18 years: 3.8%
- Wages have increased by 2.7%
- GDP has grown by 2.9%
- Job openings hit a record high of 6.7 million
- Payroll growth hit 223,000 last month
- 58.7% of American businesses report expansion
- Small business owners report feeling extremely optimistic about the future and the economy, leading to boosted wages and hiring
- Retail sales are up
- Stock buybacks are putting millions of dollars back into the US economy
- And Americans are confident in their personal finances as well as the nation’s economic standing
As one headline put it: The US economy suddenly looks like it’s unstoppable.
More money in the pockets of Americans has eased the cost of living, and more money back to American businesses has spurred growth and expansion, all fueling economic prosperity. And it all started with one spark: tax reform.
Let’s see what the next six months—and beyond—hold.