The Tax Cuts and Jobs Act championed by President Donald Trump and passed by Congress have been central to the current success of the economy. Tax cuts have inspired more Americans to feel optimistic, and there are now greater opportunities for them. A healthy economy with one additional percentage point of growth means trillions of dollars in economic activity benefiting hardworking taxpayers. All Americans will benefit from better career opportunities and a healthier economic environment.
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The Tax Cuts and Jobs Act is fulfilling our critical goals of allowing people to keep more of what they earn and improving the business environment. It restores fairness to the tax code and makes the filing process simpler. By nearly doubling the standard deduction to $12,000 for individuals and $24,000 for families, millions of American families will no longer need to itemize deductions. Millions of people will be able to file their taxes on a simple, postcard-sized return. This will reduce the time — and stress — required to file taxes every year.
The tax cuts’ positive results for the American people are here. Many provisions that have improved business competitiveness are permanent, including lower corporate rates and the shift from the worldwide system to the territorial system. Substantial economic progress and greater prosperity are already being achieved, which will mean more career opportunities, more prosperity, and a safe and secure future for Americans.
Steven T. Mnuchin is the 77th Secretary of the U.S. Treasury. This op-ed appeared in the Tampa Bay Times on July 3, 2018.
Shared from Whitehouse.gov