Since the Republican-led Congress helped pass the historic tax reform legislation, the Tax Cuts and Jobs Act, the U.S. economy has thrived. We have seen significant gains in job growth, wage increases, and historically low unemployment numbers that have positively impacted communities nationwide. When the GOP pushed for tax reform in 2017 we said the benefits would directly benefit our middle class families and hardworking Americans. Today will be the first tax filing deadline under the new tax law, and the current economic landscape indicates we have achieved desired results on behalf of the American people.
Let’s start with the latest jobs report released by the Department of Labor. Here are a few highlights:
- During March the economy added nearly 200,000 jobs across various industries, exceeding economists’ expectations.
- Unemployment rate has held at a steady 3.8%, a near 50-year low.
- Last month marked the 102nd consecutive month that the economy experienced job gains. The first six months of this current year, the economy has added about 207,000 new jobs a month.
- Since last summer the U.S. has had more job openings than unemployed workers.
More of our families have also been able to see increases in their paychecks. According to the Labor Department, wages have increased at a rate of about 3.2% over the past year – close to the best numbers the economy has seen in over a decade. Also, we have seen a considerable number of small and independent businesses who have agreed to increase worker compensation. In November 2018, the net share of independent businesses reporting plans to raise worker compensation in the next three months was the highest the economy has experienced since 1989.
In early 2017, Republicans worked together to bring the outdated tax law into the 21st century. We promised to deliver legislation that would help Americans keep more of their paychecks while giving U.S. companies a competitive advantage that would help them flourish. By comparison, in their first hundred days of holding the majority, House Democrats have instead chosen to weaponize the IRS for their own political gains. They have let the socialist wing of their party take them farther away from reality, which has resulted in meaningless resolutions, more radicalism, and continued resistance. The American people deserve more and that is why we stand ready to work with our colleagues to help maintain and strengthen our economy.