American Workers Are Thriving Thanks To President Donald J. Trump's Middle Class Tax Cuts | Eastern NC Now

Press Release:

    "In everything we do and every action we take, we're putting America first, and we are putting American workers first, for the first time in a long time."  -  President Donald J. Trump

    HELPING THE MIDDLE CLASS GET AHEAD: As President Donald J. Trump promised, the Tax Cuts and Jobs Act (TCJA) has delivered real savings for America's middle class.

            •  An average family of four with an income of $75,000 will have their taxes cut by more than $2,000 in 2018 thanks to the TCJA.

            •  On average, a single parent with one child making $41,000 a year will see a tax cut of more than $1,300, representing a more than 70 percent reduction in their tax bill.

            •  The TCJA nearly doubled the standard deduction, helping the vast majority of middle class families who claim this deduction.

            •  The TCJA eliminated the individual mandate penalty, which disproportionately affected low and middle income households.

            •  The TCJA kept key deductions that help middle class families, while eliminating and capping certain deductions that especially benefited high income households and special interests.

    MORE JOBS FOR AMERICAN WORKERS: President Trump's tax cuts have generated more and more employment opportunities for American workers.

            •  Since passage of the tax cuts, job openings have reached a record high, unemployment has fallen to historic lows, and workers have come off the sidelines and back into the labor force.

            •  Job openings reached a record high of 7.6 million last year and continue to far exceed the number of job seekers.

                  •  Job openings have now outnumbered job seekers for 12 consecutive months.

            •  The unemployment rate reached a near 50-year low last fall, on the heels of enactment of the TCJA.

                  •  The unemployment rate has remained at or below 4 percent for the last 13 months.

            •  Workers that had been left behind and on the sidelines are coming back into the labor force and finding employment.

                  •  In the first quarter of 2019, more than 70 percent of the workers gaining employment came from outside of the labor force.

    BIGGER PAYCHECKS: The TCJA is helping to put more money in workers' pockets through lower tax bills, rising wages, and big bonuses.

            •  In response to the tax cuts, companies have provided wage increases, bonuses, or increased retirement contributions to more than 6 million workers.

            •  Workers have received an average bonus of $1,154, according to the Council of Economic Advisers.

            •  In an attempt to attract workers, many companies have increased their minimum wages or offered better benefits to new employees.

                  •  In 2018, wage growth was fastest among low-income workers.

            •  Wages are rising faster than they have in nearly a decade and is outpacing inflation, meaning more money in workers' pockets.

                  •  Year-over-year nominal wage growth has reached, and exceeded, 3 percent for the first time since 2009.

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