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Press Release - President Donald J. Trump's Tax Reform is Delivering for all Americans

March 07, 2018

"At the center of America's resurgence are the massive tax cuts that we just passed before Christmas." - President Donald J. Trump

BENEFITTING ALL AMERICANS: The Tax Cuts and Jobs Act builds on the record-breaking economic successes already achieved under President Trump.

  • Unemployment is at the lowest rate in 17 years and jobless claims recently reached a 48-year low.
    • In January alone, the U.S. economy added 200,000 jobs.
    • Last year, Hispanic and African American unemployment hit their lowest levels in history.
  • Last year, President Trump proclaimed October 22 through October 28, 2017 to be National Minority Enterprise Development Week, honoring the vital role that minority-owned businesses play in our nation's economic success.
    • The President remains committed to fostering a positive business climate in which minority-owned businesses can thrive and expand.
    • The number of minority-owned businesses is growing faster than non-minority owned businesses, with minority-owned firms generating over $1 trillion in annual economic output.
    • Almost 8 million Americans are employed by nearly a million minority-owned businesses.
  • Thanks to comprehensive tax reform, small businesses - the heart of the American economy - are positioned for continued success.
    • Under President Trump's tax reform, business owners will be able to fully write off the purchase of heavy equipment and other capital investments.

RENEWED OPTIMISM: The American economy is reaching new levels of confidence and optimism under President Trump.

  • Americans are feeling newfound positivity about the state of our nation's economy, with consumers and businesses alike demonstrating record levels of optimism.
  • The Conference Board's Consumer Confidence Index is currently at its highest level since 2000.
  • The CNBC/Survey Monkey Small Business Confidence Index is at a record high after the passage of the Tax Cuts and Jobs Act.
  • A record number of small business owners said that now is a good time to expand according to the National Federation of Independent Business' most recent optimism index.
  • In Q4 2017, the Wells Fargo/Gallup Small Business optimism index reached its highest level since early 2007.
  • Home builder confidence is higher than at any point since the Great Recession ended, according to the National Association of Home Builders' Housing Market Index
  • The National Association of Manufacturers reported manufacturer optimism was at the highest level in twenty years in the fourth quarter of 2017.

REAL AMERICANS, REAL RESULTS: American families and businesses are seeing real, tangible benefits from President Trump's tax cuts and reforms.

  • More than 4 million Americans are receiving bonuses, wage increases, or other new benefits as a result of the historic passage of the Tax Cuts and Jobs Act.
    • American Airlines has announced $130 million in $1,000 tax reform-motivated bonuses to its rank-and-file employees.
    • Cigna has increased its company-wide minimum wage to $16 an hour, and upped its 401(k) match rate.
    • Fiat Chrysler has issued $2,000 bonuses to 60,000 of its employees, create 2,500 new jobs, and invest $1 billion into a new plant in Warren, Michigan.
    • MetLife is increasing its minimum wage to $15 an hour, and establishing a new group life insurance benefit of $75,000.
    • PNC Financial Services Group is giving 47,500 employees $1,000 bonuses, raising base wages to $15 an hour, and adding $1,500 to employee pension accounts.
    • Walmart has raised its company-wide minimum wage to $11 an hour and announced $1,000 cash bonuses.
  • As the positive impacts of tax reform multiply, more and more businesses have begun to turn their attention to long-term investments.
    • Boeing announced $100 million for workforce development programs, $100 million for "workplace of the future" infrastructure and facilities, and $100 million in charitable donations.
    • Charter Communications announced plans to hire 20,000 new employees, raise its minimum wage $15 an hour, and invest $25 billion in infrastructure projects.
  • Public utilities are passing savings along to consumers, with many using the benefits of tax reform to reduce their customers' bills.
    • Arizona Public Service Co. will be cutting $119 million from statewide utility rates.
    • Dominion Energy announced plans to cut $14.5 million in base rates for customers in Utah.
    • Kansas City Power and Light intends to pass "100 percent" of its $100 million in annual tax reform savings to its customers in Kansas and Missouri.
    • Pepco has announced a planned electricity credit for more than 296,000 customers in the District of Columbia.

Donald J. Trump, Press Release - President Donald J. Trump's Tax Reform is Delivering for all Americans Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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