April 15 is a date Americans often dread. But this year, as millions of families finished filing their taxes, most were in for a pleasant surprise: a much lower bill from Uncle Sam.
Today marks the first “Tax Day” under President Donald J. Trump’s new, simplified tax code. “When government loosens its grip, there is no summit we cannot reach,” the President said before the Tax Cuts and Jobs Act passed into law in 2017. He promised that historic tax cuts would “breathe new life into the American economy.”
He was right. Here are some of the big wins for working families under the new code:
- A doubled Child Tax Credit—from $1,000 to $2,000 per child
- A nearly doubled Standard Deduction
- More than $2,000 in savings for an average family of four earning $75,000
- $5.5 trillion in total tax cuts, nearly 60 percent of which goes to families
Just as important, President Trump fixed the business tax code to put American companies—and our workers—on a level playing field with the rest of the world. In addition to lowering our sky-high statutory corporate tax rate, the Tax Cuts and Jobs Act also allowed businesses to immediately deduct expenses to invest in growing their companies.
America is open for business again as a result of those reforms:
- Real GDP growth hit 3 percent recently for the first time since 2005
- Half a trillion dollars in investment poured back into the U.S in 2018 alone
- For the first time ever, there are more job openings than unemployed workers
- Small business optimism soared a record high in 2018
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