April 15,2019
Tax Reform: Record Jobs, Higher Wages, More Investment in America
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Americans continue to see and feel the benefits of the Tax
Cuts and Jobs Act.
·
American workers and a market economy succeed when crushing
regulation is replaced with smart regulation.
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The Tax Cuts and Jobs Act cut taxes for households in
every state and in every congressional district across the country.
·
The typical family of four earning the 2017 median family income
of about $76,000 received a tax cut of $2,149.
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The liberal Tax Policy Center confirms that 90 percent of
middle-class Americans were estimated to receive a tax cut.
·
The Tax Cuts and Jobs Act makes the
tax code more progressive, despite erroneous Democrat claims to the contrary.
JOBS: Then and Now
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Monthly job gains were 110,000 during the Obama administration;
job growth has averaged 199,000 during the Trump administration and 215,000
since the enactment of tax reform.
·
5.4 million jobs were created since January 2017, with more than
half of that job creation occurring since the enactment of tax reform.
·
On average 3,600 manufacturing jobs were lost during the Obama
administration. By contrast, manufacturing job gains have averaged
16,900 since the enactment of tax reform.
UNEMPLOYMENT: Then and Now
·
The unemployment rate averaged 7.4% during the Obama
administration; 4.1% during the Trump administration and 3.9% since the
enactment of tax reform.
·
The unemployment rate for Hispanic or Latino workers averaged
9.4% during the Obama administration; 4.9% during the Trump administration and
4.7% since the enactment of tax reform—it hit a record low in February.
·
The unemployment rate for African American workers averaged
12.8% during the Obama administration; 7.0% during the Trump administration and
6.6% since the enactment of tax reform.
·
Beginning in April of last year, the number of job openings in
the national economy has exceeded the number of unemployed Americans.
INCOME: Then and Now
·
Annualized growth in disposable (after-tax) personal income
averaged 2.5% during the Obama administration; 3.2% during the Trump
administration and 3.5% since the enactment of tax reform.
·
Annualized growth in disposable personal income per capita
averaged 1.8% during the Obama administration; 3.1% during the Trump
administration and 4.0% since the enactment of tax reform.
·
In 2017, the latest year of data availability,
inflation-adjusted median household income and median family income each stood
at all-time highs.
COMPENSATION AND WAGES: Then
and Now
·
Annualized growth in inflation-adjusted compensation, measured
by the Employment Cost Index averaged 0.5% during the Obama administration;
0.9% during the Trump administration and 1.0% since the enactment of tax
reform.
·
Annualized growth in inflation-adjusted average hourly earnings
of production and nonsupervisory employees averaged 0.6% during the Obama
administration; 1.2% during the Trump administration and 1.7% since the
enactment of tax reform.
·
Annualized growth in inflation-adjusted median weekly earnings
of wage and salary workers averaged 0.4% during the Obama administration; 0.9%
during the Trump administration and 2.9% since the enactment of tax reform.
GDP AND INVESTMENT: Then and
Now
·
Annualized growth in the inflation-adjusted gross domestic
product (GDP) averaged 1.9% under the Obama administration; 2.7% during the
Trump administration and 3.0% since the enactment of tax reform.
·
Growth in inflation-adjusted private business investment
averaged 3.6% during the Obama administration; 6.7% during the Trump
administration and 7.0% since the enactment of tax reform.
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