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Ronald Reagan once remarked, “whenever we lower the tax rates, our entire nation is better off.” As it turns out, Dutch’s assessment remains true today.
Nine months ago, Congress delivered the biggest tax cuts in a generation with the passage of the Tax Cuts and Jobs Act; and true to Reagan’s prediction, Americans are better off as a result.
By taking money out of the swamp in Washington and putting it back in the pockets of hardworking Americans, our historic tax cuts sparked a national economic surge.
After a decade of painful stagnation and recession, America’s economy is roaring back to life. Wages are growing, job openings are at record highs, economic optimism is soaring and businesses are reinvesting in our communities.
At its core, the tax cuts are crafted to give American families and workers some much-needed relief. To that end, we made couples’ first $24,000 of income tax-free, doubled the Child Tax Credit to $2,000 and slashed tax rates across the board. All told, a family of four living in North Carolina’s 2nd District will save $2,791 a year on taxes and can expect their take-home pay to increase by $35,866 over the next 10 years.
American workers are also benefiting from bigger paychecks and more jobs. Since we passed the tax cuts, nearly 1.7 million new jobs have been created, average annual wages have risen 2.7 percent and more than $4 billion has been paid out in the form of bonuses.
By every indication, America’s economy is as strong and prosperous as its been in decades. U.S. manufacturing is expanding at its fastest rate in nearly 14 years and GDP growth topped 4 percent in the second quarter. Unemployment has plummeted to 3.9 percent, its lowest mark in decades, and for the first time in our nation’s history, there are more job openings than workers available to fill them.
Despite the great economic numbers, the Democrats in Washington continue to vehemently oppose tax cuts. They are even promising to repeal them if they win back control of Congress in the midterm elections. If they do that, and succeed in raising taxes, it will reverse the historic economic boom we are now seeing.
When Washington politicians argue America can’t afford the tax cuts, that’s nonsense. What we can’t afford is more politicians hellbent on spending taxpayer dollars to fund wasteful government programs and welfare handouts.
Simply put, the tax cuts are working and, as a result, American families and workers are much better off. With lower taxes, more jobs, higher wages and a booming economy, Americans can look forward to a prosperous future.
George Holding represents North Carolina’s 2nd Congressional District, which encompasses the western portion of Wilson County.