Summary: Today, Speaker Ryan discussed the economic benefits materializing in the U.S. thanks to the new tax law.
“We had some really great news last week, spurred on by the new tax reform law. For starters, new data revealed that consumer confidence hit a 17-year high last week. People are optimistic about the future, which encourages more spending, more investment. It’s a sign of a healthy, growing economy.
“Second of all, [the] Labor Department reported that jobless claims in the United States—the number of people filing for unemployment—dropped to its lowest level in almost five decades. Think about that for a second. We saw, just last week, the number of people filing for unemployment going to the lowest level in 49 years. People are getting work. Companies are hiring more workers. This is very, very important. Also, U.S. manufacturing is expanding at the fastest rate in nearly 14 years. These are all very encouraging numbers. And it’s undeniable that real people are being helped by the personal tax cuts in the Tax Cuts and Jobs Act.
“To top it all off, two more major companies—Carter’s and Mission Produce—announced it would pass along the benefits of tax reform to its workers.
“Thanks in large part to the bonuses given by hundreds of companies due to tax reform, the Bureau of Economic Analysis estimated that Americans took home an increase of $30 billion alone in January. The agency also estimated that the law reduced personal taxes in January by a rate of $115 billion per year. That’s huge. That is more evidence that paychecks are growing, that take home pay is bigger, that workers have more for their families.
“One thing that, I gotta say, hasn’t gotten a whole lot of attention? It’s the fact that this law doubles the per child tax credit to $2,000 per child. That means moms and dads, often the people who need this relief the most, are going to be helped in a really big way. Take Andy McTague in New Jersey. He told the Ashbury Park Press that he’s going to put this extra money—because of the $2,000 per child tax credit that he now gets in his paycheck—toward his kids’ college tuitions.
“So this tax reform law is really making a positive difference in people’s lives. It’s why we’re here: to make a difference in people’s lives. What we’re seeing is it’s helping families save for college, it’s helping families put money away, it’s putting more money in people’s pockets. And it’s also expanding economic growth to the point where unemployment is now at a 49-year low.
“That is exactly what we were hoping to achieve when we passed this law, and we’re very excited to see those results materialize.”