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Sen. Burr: Six months since tax reform, economy continues to boom
Story Date: 7/2/2018
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Source: US Sen. Richard Burr (R-NC), 6/29/18
Six months ago, the President signed the Tax Cuts and Jobs Act into law to give Americans a simpler, modernized tax code that will spur economic opportunity and growth. Shortly after it passed, Senator Thom Tillis and I wrote that many North Carolina businesses and families had already seen significant benefits. Companies large and small like Charlotte Pipe and Foundry, American Airlines, Bank of America, BB&T and Old Dominion – to name a few – responded to tax reform almost immediately by investing in their workforce and giving bonuses, pay raises or other benefits to their employees. Countless other companies across the country followed suit, unleashing our economy and improving the lives of millions of Americans.
Half a year later and the economic boom hasn’t slowed. For the first time in decades, there are now more jobs available in the United States than there are people to fill them. Small business and manufacturer confidence and expansion plans are at all-time highs. Unemployment rates are the lowest in nearly fifty years and the economy is growing at more than 3 percent – something many said was impossible.
North Carolinians will continue to benefit from tax reform as more and more jobs expand our state’s booming healthcare and tech industries. And when folks go to file their taxes next year, they will see an easier filing, a doubled standard deduction, and more of their own well-deserved paycheck staying in their pockets where it belongs. This money wasn’t Washington’s to begin with – it belongs with the people who earned it and know how to spend it best.
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