White House Press Release - Secretary of Commerce Wilbur Ross: "President Trump's Tax Plan is Working for America"

"Working Americans will see several tax benefits from the new law, including: lower tax rates; a doubling of the child tax credit; and the standard deduction nearly doubled."

President Trump's tax plan is working for America

By Secretary Wilbur Ross

CNBC

April 30, 2018

As Americans filed their taxes this spring, they wrestled for the last time with a system that for decades plundered their paychecks and made American businesses uncompetitive.

The Tax Cuts and Jobs Act signed into law by President Trump in December is already benefiting American families, workers, and companies. The United States will continue to reap the economic benefits generated by tax reform for years to come.

The tax cuts mean a typical family of four earning $75,000 a year with two children will see a tax cut of more than $2,000 in 2018. Tax reform increased take-home pay for millions of workers as the updated withholding tables that were phased in earlier this year have increased regular take-home pay for millions of workers.

Working Americans will see several tax benefits from the new law, including: lower tax rates; a doubling of the child tax credit; and the standard deduction nearly doubled. In addition, the tax penalty from the Obamacare mandate was repealed for individuals.

The benefits also extend to businesses, which now operate under a globally competitive tax system for the first time in decades.

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Since his election, President Trump's focus on boosting economic growth has driven the unemployment rate to near record lows. After more than a decade of stagnation, tax cuts, regulatory reform, and a renewed trade policy have driven GDP growth to a sustainable, healthy level of almost 3 percent.

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The American people finally have a tax system that treats them fairly and provides them with new opportunities. President Trump has once again kept his promise to the American people, and thanks in part to the Tax Cuts and Jobs Act, America is open for business.

Read the full op-ed here.