WASHINGTON, D.C. — The RATE Coalition today released the following statement celebrating the two-year anniversary of the historic Tax Cuts and Jobs Act being signed into law:
“Two years since becoming law, the Tax Cuts and Jobs Act is fueling tremendous optimism and opportunity across the U.S. Slashing the corporate rate from a sky-high, uncompetitive rate of 35 percent to the globally competitive 21 percent is a key pillar of the 2017 law as well as the economic triumph of the last two years — the U.S now boasts the fastest growing economy amongst our OECD competitors.
“The positive impact of lower taxes is undeniable. Since the tax cuts were enacted, nearly 900 American job creators in all 50 states used their tax cut savings to invest in their workers through higher paychecks, bonuses, expanded retirement and parental leave benefits, tuition assistance, new jobs, and lower utility rates. Tax cuts are getting more Americans back to work in the well-paying jobs they sought for so many years. More than 4.5 million new jobs have been created since the law’s passage, the current unemployment rate of 3.5 percent is at a 50-year low, and wages continue to climb.
“Two years later, it’s clear that tax reform continues to be a success for American business, workers, and the economy.”
Nearly 900 American job creators have announced new investments in their business operations and bonuses for their employees. Three of these announcements came just days before the two-year anniversary of the Tax Cuts and Jobs Act:
- Ford Motor Company will invest $1.45 billion into two of its factories in the Detroit-area. This investment will create 3,000 new jobs in the U.S.
- General Motors will invest $1 billion to update its Wentzville, Missouri, truck plant to manufacture the next-generation of midsize pick up trucks, keeping 4,000 U.S. jobs here at home.
- St. John Properties, a real estate developer based in Baltimore, Maryland, awarded $10 million worth of bonuses to all of its 198 employees across the country, roughly a $50,000 bonus for each employee.