Happy anniversary, America! That’s right, six months ago today, the Tax Cuts & Jobs Act became the law of the land. And today , our economy is booming.
To celebrate this milestone, House Republicans are highlighting what tax reform — and the bonuses, pay raises, lower utility rates, and more — means for communities all across the country.
As Speaker Ryan says, the Tax Cuts & Jobs Act may have been signed six months ago, but it was a moment decades in the making.
Ways and Means Committee Chair Kevin Brady (R-TX) in the Wall Street Journal: Six Months After Tax Reform, Something Big Is Happening
Six months ago, Republicans in Congress joined with President Trump to redesign America’s tax code and enact sweeping tax cuts. We were determined to let families and local businesses keep more of what they earn. The new tax code was built to help American companies and workers compete and win anywhere in the world.
McMorris Rodgers on Fox News: Our economy is booming right now
“I believe America also should be celebrating the impact of the Tax Cuts & Jobs Act on our economy. Our economy is booming right now, and it’s brought back an optimism and a hope to everyone that is really exciting to see…we were asking ‘where are the jobs?’ Today, we’re asking ‘where are the workers?’ We have more job openings today in America than people on unemployment. This is a good problem to have, and I’m most excited it is bringing an optimism and restoring people’s hope again in the opportunity for a better life.”
Rep. Fred Upton (R-MI) in the Washington Examiner: Tax reform helping Main Street and the energy sector to grow
It’s not just workers who are seeing the benefits following this historic action. Small businesses are also experiencing unprecedented optimism as a result of tax reform. A recent survey reports that Main Street optimism increased in May to the second highest level in history.
Recently, the Energy and Commerce Committee heard from businesses — particularly small businesses — in the energy sector on how tax reform is helping their operations grow and invest in local communities and workers. Tom Ferguson, the president and CEO of AZZ, explained that prior to tax reform his company had hoped to expand his business by building another manufacturing facility at some undetermined future date. However, thanks to tax reform, AZZ recently announced they will open another facility this year and plan to hire 25 to 50 new employees.
Speaker Ryan Reflects on Tax Reform, Six Months Later
For the last eight years of what I would call “Obamanomics,” they overregulated the economy. They kept taxes too high, and they were stopping economic growth from taking off. And I just knew that if we actually did the things that we know grow the economy—regulatory relief and comprehensive tax reform—we would bring in a burst of new confidence for people to take risks and for big and small businesses alike to expand.
That is exactly what has happened. Just six months ago, we finally got the window of opportunity where the time was right. We had the executive branch and the legislative branch working together to get this done, and we seized the moment.
The United States is now in a pro-growth cycle where Americans are confident, they’re risk-taking, they’re hiring, and wages are going up. This economic optimism won’t solve all of our problems, but it makes all of our problems easier to solve.
Rep. Mike Johnson (R-LA) at Stakeout: Tax reform six months later
“I’ve got a prime example for you of the bills success in my district. I’m going to tell you about the Canal Coffee shops. It is owned and operated by Bossier City, Louisiana native Roderick James. Starting in 2016, Mr. James and his partner Priscilla Mayfield opened their anchor store in downton Kinder, Louisiana. Remarkably he built his business from the ground up and never took a loan. He went out and was a risk taker and entrepreneur. And it worked. He expanded his business to include shops in Oberlin, Louisiana and Shreveport which is our largest metro area in the district.
“Now with the implementation of our tax reform and our pro-growth, pro-businesses policies, Mr. James tells me he plans to open a fourth and fifth location in the very near future. This is a great success story. This is the kind of thing we are seeing all around the country. Our nation is full of small business owners like Roderick. They work long hours, they put in the hard work, they give their all to achieve their own version of the American Dream and it is working again.
Rep. Kay Granger for the Star-Telegram: Tax reform is working for Texas
Six months ago, Congress passed the most sweeping, pro-growth tax reform since the 1980s. It’s already producing results: higher salaries, more job opportunities, and faster economic growth.
Thanks to the new tax law, the economy is looking brighter. In the months since tax reform became a reality, the economy has added more than 600,000 jobs, and the unemployment rate currently sits at a 17-year low. Nine out of ten Americans are now taking home more money in their paychecks because of reduced taxes. The nonpartisan Congressional Budget Office credits the increase in economic activity to tax reform, since the law “generates more demand for labor and consequently higher wages.”