President Trump Achieved Biggest Tax Cuts in American History

BIGGEST TAX CUTS AND REFORMS: Because of President Donald J. Trump, Americans will benefit from the biggest tax cuts and reforms in American history.

  • President Trump’s tax cuts are the biggest gross tax cuts in American history, cutting over $5.5 trillion in taxes over ten years.
    • The President’s tax law included substantial reforms to make taxes simpler and fairer, which helped offset the cost of the tax cuts and thereby limit the net tax cut to $1.5 trillion.
  • President Trump cut the corporate tax rate from 35 percent to 21 percent, the largest percentage point reduction of the top marginal rate in history.
  • President Trump’s tax cuts include the biggest increase in the child tax credit in history.
    • The Child Tax Credit was increased by $573.4 billion over ten years, larger than any previous change to credits specifically targeting families.
  • President Trump’s tax cuts included some of the most substantial reforms to the tax code in American history.
    • The Tax Cuts and Jobs Act will help end the offshoring of corporate money by transitioning the country to a territorial system of corporate taxation and creating anti-abuse rules for multinationals that artificially shift profits offshore.
    • The Tax Cuts and Jobs Act nearly doubles the standard deduction, to simplify tax filing.
    • The Tax Cuts and Jobs Act limits itemized deductions, while maintaining the most popular deductions, such as the mortgage interest deduction and charitable giving deduction.
    • The Tax Cuts and Jobs Act facilitates school choice by allowing families to use 529 college savings plans for elementary and secondary education expense and spend up to $10,000 annually on private school tuition and related expenses, in addition to the uses previously allowed.
    • The first new community development tax incentive program enacted since the Clinton administration, providing an opportunity for mainstream private investors to support businesses and distressed communities with the creation of Opportunity Zones.
  • The Tax Cuts and Jobs Act repeals the individual mandate, marking the single largest legislative blow to Obamacare since the law was passed.
    • This individual mandate is particularly painful for low and middle-income Americans: 79 percent of people who paid the penalty in 2016 had household income below $50,000.
    • The tax law’s repeal of the individual mandate relieves Americans from the unprecedented assault on liberty, where the Federal Government fined Americans for not purchasing something.
  • As a combination of tax cuts and tax reform, the Tax Cuts and Jobs Act was therefore the biggest legislative action reforming our tax code in history.

AMERICAN COMPANIES ARE DELIVERING: Businesses throughout the country are responding to President Trump’s tax cuts by rewarding American workers.

  • Since President Trump provided his historic tax cuts and reforms, more than 3.5 million American workers across more than 300 companies have received bonuses, raises, and increased.  Many companies have also announced new investments and new hiring.
    • Best Buy has announced it is giving a $1,000 bonus to full-time employees and a $500 bonus to part-time employees, in addition to investing $20 million to expand technology development centers across the United States.
    • Quest Diagnostics is giving a bonus of up to $500 to nearly 40,000 employees and investing $75 million of its tax savings back into the company and employees.
    • Discover announced it would raise its minimum wage to $15.25 an hour and had paid a $1,000 bonus to more than 15,000 non-executive employees.
    • Hostess Brands is providing employees with a $750 cash bonus and $500 contribution to their 401(k) accounts, in addition to providing a year’s worth of free Hostess products.
    • Cigna announced that it was increasing its minimum wage in the United States to $16 an hour and adding $30 million to its 401(k) program to match additional contributions, benefitting more than 30,000 employees.
    • Lowe’s announced it was giving a bonus of up to $1,000 to employees and expanding its benefits package for full-time workers to include 10 weeks of maternity leave, two weeks of parental leave, and adoption assistance.
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BUILDING ON OUR ECONOMIC MOMENTUM:  President Trump’s tax cuts are expanding on a strong economy that continues to benefit American workers.

  • Average hourly wages increased by 2.9 percent last year, the largest increase in 8 years.
  • 200,000 jobs were added in January, while the unemployment rate remained at its lowest level in 17 years, 4.1 percent.
  • Manufacturing expanded in January at near the fastest pace since 2004, according to the Institute for Supply Management data.
  • Recent polling shows Americans are satisfied with the state of the U.S. economy, with the percentage of those polled with positive views of the economy at a 17-year high.
  • Consumer optimism increased in January according to The Conference Board’s Consumer Confidence Survey.
    • Consumers are confident that the strong pace of growth seen in late 2017 will continue in 2018.
  • According to the UBS Investor Watch Quarterly, which surveys business owner sentiment, optimism has soared since the passage of tax reform.
    • UBS found that positive economic outlook among business owners has grown by 18 percentage points between quarter four of 2017 and quarter one of 2018.
    • UBS found that 79 percent of the businesses owners surveyed were satisfied with the tax bill and 72 percent believed it would boost the economy.

 

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Reverend1
Reverend1
4 years ago

God bless Trump. God d*** the damocraps.

Marytj
Marytj
4 years ago

Tax cut helped greatly for me! My retirement check had $77.00 more dollars in it! PTL
This will pay for my monthly prescription! Thank you!

Kay Thomas
Kay Thomas
4 years ago

Please don’t cut social security for us who only have that for income and don’t cut medicare as we need that when we do get sick. I may be one of the few that have been healthy most of my life but I have had sickness over the past 6 months. I believe in you and trust what you have accomplished to move this country forward. I pray somehow we’ll reach peace with N. Korea but if we can’t I pray we strike first and take all of his nuclear sites and bunkers where he has buried and covered things up. Blessings to you and yours!

Jane A.
Jane A.
4 years ago

We love President Trump!
Shame on Democrats for their filthy immoral treatment of this good man who is only trying to help the nation!

Rufus Lester Neville, Jr.,M.D.
Rufus Lester Neville, Jr.,M.D.
4 years ago

I have had and continue to have the upmost confidence in President Trump. I believe he will make America greater than ever before. I am so proud to be an American!!!

Mike F
Mike F
4 years ago

Good all around! We need to do more work replacing uncooperative R.I.N.O.s and Dems who keep voting against American Ideals, the Constitution, and the American Dream of Self-Governance. A lot of hard-left biased media outlets who only support the Democrat Party or C.A.I.R-related World Caliphate operations in America, should lose any tax exemptions they get as they do not serve the entire public. Muslim Enclaves who take away girl’s/women’s freedoms in America, and engage in genital mutilation, calling it ‘circumcision’, should be broken up and any citizens found abused from Sharia Law should be freed. We must eliminate any encroachment of Sharia Law in ANY U.S. Court Cases, be they local or federal and prevent any Muslim, one man to many women, competitive breeding where they take over town/city governments councils (‘Dearborn-istan’, MI, etc.) – otherwise known as Creeping Sharia – and forcing U.S. Citizens not of the Muslim Cult to convert or sell/abandon their houses for their own safety. We are making great progress but still have a long way to go.

David Taynton
David Taynton
4 years ago

No comment necessary other than, the President’s accomplishments SPEAK FOR THEMSELVES.

Paul Z
Paul Z
4 years ago

Yes Mr. President, you have been accomplishing very much especially considering the Obstruction & Corruption of the Dems. MSM & the Deep State with Obama loyalists. Sincerely need OUR Immigration Mess solved, Legal & Illegal.
We realize how important getting OUR Immigration Policies solved is, but not at the expense of not FULLY Enforcing OUR Laws, Securing OUR Border with the APPROVED 700 Mile Wall at least, & security along the entire border, END Chain-Migration & Visa Lottery & Overstays, NO Future Amnesties, Mandatory E-verify & then Legal Status not Citizenship. Millions waiting LEGALLY for Citizenship.
SAFA is a generous offer to DACA people and the Democrats constantly play politics with this issue. We had many previous Amnesties that were NEVER Enforced, NEVER Again!
Why can’t you, as President, Enforce Existing Laws & Build the Already APPROVED, 700 Mile Border Wall?
Sincerely & Best Wishes & Thanks.

mike young
mike young
4 years ago

after the election the wind whispered into Mr trumps ear, beware the storm. and Mr trump whispered back. I am the storm.

Mark Correale
Mark Correale
4 years ago

A greatly appreciated article about President Trump in 1600 Daily!

Jeffrey Saville
Jeffrey Saville
4 years ago

Amen Trumps policies speak for themselves. We finally have some wind our sails. I think we all feel the change that we needed and deserve as a hard working nation together with God in our hearts and minds.

R E Jennings
R E Jennings
4 years ago

Trump managed to get his tax cut through, and many of us are seeing the results.
However, even us non-econonomists are well aware of the fact the federal budget operates on a give and take principal. When Congress spends, they take away from the taxpayer.
We got a tax cut and Congress increases spending dramatically. It don’t work that way for long.
The taxpayer is not one of the late Al Capp’s Shmoos, contrary to The Hill’s beliefs.

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