When President Trump signed the Tax Cuts and Jobs Act into law last December, good things started happening. New IRS withholding tables went into place. Businesses saw opportunities to invest in their companies and employees. Americans started keeping more of their own paycheck, rather than handing it over to the federal government.
As a result of tax reform, over 6 million workers received bonuses, better benefits, or pay increases. The unemployment rate is below 4 percent for the first time since 2000. There are more jobs openings than people who are actually looking for work. Even The New York Times titled a June jobs report: “We Ran Out of Words to Describe How Good the Jobs Numbers Are.”
Our economy is booming. Our GDP continues to amaze at the annual rate of 4.2 percent. Consumer confidence reached the highest level in 18 years. Small business confidence reached the highest level in nearly 35 years. More than $300 billion has been reinvested into the U.S. economy from overseas since tax reform.
Under the Tax Cuts and Jobs Act, a family of four in Oklahoma's Second District earning the median family income of $59,155 receives a tax cut of $1,643. Now, the House is taking up legislation to make that tax cut permanent. The Protecting Family and Small Business Tax Cuts Act ensures that the family-friendly policies put in place by the Tax Cuts and Jobs Act will stay in place permanently.
This legislation will also lock in the lower tax rates for families, maintain the nearly doubled Child Tax Credit, maintain the Paid Family Leave Tax Credit, eliminate the Alternative Minimum Tax, and allow families to save time and money by filling out their taxes on a postcard-like form. Main Street should keep their optimism high, because the Protecting Family and Small Business Tax Cuts Act maintains the 20 percent deduction for pass-through business income.
Last December, I was proud to support the Tax Cuts and Jobs Act in Congress that has delivered unparalleled economic benefits, record job growth, and bigger paychecks for the American people. I look forward to passing the Protecting Family and Small Business Tax Cuts Act in the House to continue to move this record-breaking economy forward and ensure hardworking American families are the ones reaping the benefits.