Under President Trump’s leadership, Congress passed historic tax cuts and relief for hard-working Americans. The Tax Cuts and Jobs Act:
- Is the first major tax reform signed in 30 years.
- Provided tax relief for 82% of middle-class families.
- Doubled the Child Tax Credit proving an additional $1,000 per child in tax relief for working parents.
- Nearly doubled the standard deduction, a change that simplified the tax filing process for millions of Americans.
- Cut taxes for small business by 20%, providing $415 billion in tax relief for small business owners.
- Alleviated the tax burden on over 500 companies. who used those savings to fund bonuses, wage increases for 4.8 million workers.
- Spurred new investments into the American economy, after it was passed businesses invested $482 billion into new American projects.
- Repealed Obamacare’s burdensome individual mandate.
- Made U.S. companies competitive on the world stage, lowering the corporate tax rate from one of the highest in the industrialized world (35%) to 21%.
U.S. Gross Domestic Product (GDP) growth has soared under President Trump, topping 3% in 4 quarters under his administration.
- 2018 annual GDP growth was 2.9%
- In the first quarter of 2019 GDP growth was 3.1%
President Trump is unleashing economic growth and jobs. Since his election, the Trump administration’s pro-growth policies have generated 6 million new jobs, the unemployment rate has fallen to its lowest point in 50 years, and wages have grown at more than 3% for 10 months in a row as of 2019.
- The manufacturing industry created nearly half a million new jobs.
- 625,000 new construction jobs have been created since President Trump took office.
- Hispanic, Asian and African American unemployment rates have all reached record lows under President Trump.
- There are more than a million more job openings than unemployed persons in the U.S.
President Trump signed an executive order that expanded federally funded apprenticeship programs and on-the-job training, to provide an alternative for those looking to gain in demand skills that lack the resources to attend four year universities.
- The executive order set in motion a new process that makes it easier for businesses to create and scale apprenticeship programs, providing many more Americans access to an affordable education that leads to a well-paying job.
- The Workforce Development Advisory Council established by President Trump’s executive order has already created on-the-job training opportunities for 6.5 million Americans.
The Trump administration prioritized the economic empowerment of women at home and across the globe.
- The Trump Administration launched the Women’s Global Development and Prosperity (W-GDP) Initiative, the first-ever whole-of-government approach focused on advancing women’s full and free participation in the global economy and allocated $50 million for the fund.