Press Release - President Donald J. Trump's Tax Reform is Delivering for all Americans
March 07, 2018
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 https://www.presidency.ucsb.edu/node/332229