The Reforming America’s Taxes Equitably (RATE) Coalition – whose affiliated companies represent over 30 million employees in all 50 states – released the following statement regarding the Joint Economic Committee’s hearing on the positive economic growth effects of the Tax Cuts and Jobs Act:

“The positive growth effects of the Tax Cuts and Jobs Act – landmark legislation that restored America’s competitive edge in the globalized marketplace – truly spans all corners of the country and sectors of the economy. In the past few hours, new figures released by the Labor Department revealed that jobless claims ‘fell last week to the lowest in almost five decades’ – a sign that ‘businesses are keeping existing staff and adding new workers to help meet demand being boosted by tax cuts.’ Meanwhile, in the past month alone, tax reform generated a slew of record-breaking achievements: the U.S. economy notched its best performance since 2014, consumer confidence surged to its highest level since 2000, small business optimism reached a 35-year high, productivity climbed 2.9% – the fastest pace since 2015, youth unemployment sunk to a 52-year low, and the index measuring business conditions for manufacturers hit a 14-year high.

“The RATE Coalition applauds the Joint Economic Committee for its role in achieving the first major overhaul of our previously outdated tax code in decades, as well as for its commitment to examining the continued success of that effort.”