Washington, D.C. – It’s tax season again. Fortunately, this year, folks are reading a different story from years past. Millions of hardworking Americans who have been left behind by Washington for far too long are now taking home more in their paychecks because Uncle Sam is taking less of their hard-earned money.
With the historic passage of the Tax Cuts and Jobs Act under the leadership of Congressional Republicans and President Trump, we lowered individual rates, simplified the tax code, and worked to let you keep more of your own cash in your own pocket. For the first time in more than 30 years, we successfully overhauled the massive tax code to cut down on headaches and lighten the load for families across the country.
While some of the important reforms we made began last year, like decreased withholdings from your paycheck, this is the first year that you’ll be filing your taxes under new rates. It’s changes like these that put more money back in your piggybank to spend as you see fit – not how the government determines – and contribute to the booming economy we’ve been experiencing over the past few years.
In fact, we’re seeing some of the best economic growth in decades. The unemployment rate has hit nearly all-time lows at or below 4% for months, jobless claims dropped to a 50-year low last week, wage growth has climbed to a 10-year high, small business optimism is at record levels, and almost five million new jobs have been created since 2017. Clearly, we’re doing something right.
It’s my hope that we can continue the progress that we’ve made to ensure that every American is feeling relief, not dread, when Tax Day comes. Let’s continue the acceleration and reinvigoration of our economy – for everyone’s benefit. “A rising tide lifts all boats,” and I’m confident that we can carry forward this momentum.
The bottom line here is that Georgians continue to benefit from the Tax Cuts and Jobs Act. Workers are taking home more of their hard-earned money, and businesses of all sizes are expanding, hiring, and investing in their employees. I look forward to working with my colleagues to continue supporting policies like tax reform that have our economy flourishing.