The RATE Coalition released the following statement on Wednesday’s House Ways and Means Committee Hearing entitled “The 2017 Tax Law and Who it Left Behind”:
“Having reclaimed our title as the world’s most competitive economy, it’s clear that pro-growth tax reform is moving American workers and job creators forward while our foreign competitors are being left behind. Here at home, wages are rising at the fastest rate since 2009, the economy is growing at 3.1 percent, and more than 3 million new jobs have been created since President Trump signed tax reform into law. America’s hardest workers are reaping the benefits of pro-growth tax reform.”
Tax Reform is Propelling American Workers and the Economy Forward into a Position of Global Leadership:
- More than 3 million new jobs have been created since tax reform’s passage.
- The unemployment rate fell to 3.8% in February 2019, establishing a 12-month streak where the unemployment rate was at or below 4%.
- The number of job openings reached a record high of 7.3 million in December of last year, illustrating the increasingly competitive job market in the U.S.
- More Americans are moving off of the sidelines and into the job market, lifting the labor force participation rate to 63.2%, its highest level since August 2013.
- Economic growth climbed to 3.1% in 2018, the fastest fourth quarter to fourth quarter growth since 2005.
- Wages rose 3.4% over the last year, the strongest annual gain since April 2009.
- Workers in the lowest wage distribution range saw their wages grow by 6.5% in 2018.
- The U.S. reclaimed its spot as the world’s most competitive economy.
- Small businesses hired new workers at the fastest pace in 45 years.
- American manufacturers reported 9 consecutive quarters of record-high industry optimism.