As Americans finished filing their taxes this week, political leaders pointed out that this was a particularly special Tax Day -- the last one in which Americans had to file under an outdated tax code. Next year, thanks to the enactment of the tax reform bill championed by Senate Finance Committee Chairman Orrin Hatch (R-Utah), Americans will benefit from tax cuts, a competitive corporate tax rate, and many other elements of the new law that allow them to keep more of their hard-earned money.
Take a look at some of tax reform's benefits highlighted by leaders on Tax Day as they celebrated "out with the old, in with the new" tax code.
Savings for middle-income Americans
"A typical family of four earning $73,000 a year can expect to see an income tax cut of more than $2,000 when they file their tax return in 2019 -- slashing their income tax bill in half. The standard deduction has been nearly doubled, so now twice as much income is earned tax-free. The tax law also doubled the child tax credit and lowers rates across the board for hardworking families. I made sure the IRS acted quickly to deliver some of the benefits of this tax cut legislation to Americans. As a result, Americans began to see bigger paychecks as early as February. And more savings are on the way." --President Donald Trump, in an op-ed for USA Today
"You don't have to look too far to see the positive impact that our new tax law is already having on the people of my home state. Nevadans and Americans throughout the country have already benefited from keeping more of their hard-earned money. In fact, more than a million Nevadans should've seen their paychecks get bigger last month because we doubled the standard deduction and we doubled the child tax credit." --U.S. Senator Dean Heller (R-Nev.), in a speech on the Senate floor
A boost to the economy
"In the four months since tax reform became a reality, the economy has added more than 600,000 jobs, and the unemployment rate currently sits at a 17-year low. The nonpartisan Congressional Budget Office says tax reform will create more than 1 million jobs, and the increase in economic activity "generates more demand for labor and consequently higher wages.' This is all good news for South Dakota taxpayers, and all signs point to more good news to come." --U.S. Senator John Thune (R-S.D.), in an op-ed for Argus Leader
"It's now undeniable that tax reform is boosting the economy, and that American families are already benefiting. More than 400 companies -- and counting -- have announced pay raises, bonuses and investments in their workers and businesses. More than 4 million Americans are seeing pay raises and new benefits. Wages are growing and unemployment is low -- with U.S. jobless claims at their lowest level since 1973." --Ways and Means Committee Chairman Kevin Brady (R-Texas), in an op-ed for USA Today
Increased employee benefits
"Over the past several months, Coloradans have continued to see the positive benefits of the Tax Cuts and Jobs Act. The biggest tax reform package in 30 years is leading to higher wages, bigger paychecks, more jobs, special bonuses, cheaper utility bills, hundreds of billions of dollars of investment in the United States, and more." --U.S. Senator Cory Gardner (R-Colo.), in an op-ed for The Daily Sentinel
"As I travel around Eastern Washington, I continue to hear stories from people who are finding more money in their pockets as a result of the Tax Cuts & Jobs Act. In March, I visited Sonderen Packaging which reported its employees are now seeing anywhere from $70 to $300 more per month in their paychecks. Earlier this year, a woman called me who was so ecstatic about the extra $90 per month in her bank account that she was stumbling over her words with excitement. She told me it was more money to put food on the table for her family." --U.S. Representative Cathy McMorris Rodgers (R-Wash.), in an op-ed for The Spokesman Review
Business growth and optimism
"The United States has finally joined the mainstream industrial economies by adopting a territorial tax system. This will make American companies more competitive, plus encourage investment from around the world back here at home. Notably, these changes will also help curb inversions, buyouts and hostile takeovers of American-grown companies." --Senate Finance Committee Chairman Orrin Hatch (R-Utah), in an op-ed for the Daily Herald
"It created new incentives for businesses to invest, expand, build, and hire right here at home, and gave trade competitors overseas something to worry about?--?a healthy, competitive U.S. economy." --Senate Majority Leader Mitch McConnell (R-Ky.), in an op-ed for Medium.com
"Small businesses, which fuel the Louisiana economy, have reported record levels of economic optimism. For the first time, the U.S. Chamber of Commerce reported a majority of small businesses are feeling positive about the economy mostly due to tax reform. I saw this firsthand when I visited the local brewery Gnarly Barley in Hammond, where Zac and Cari Caramonta told me how the new tax law has allowed them to finally offer health benefits and retirement accounts to their employees. And Blessey Marine in Elmwood announced it was investing more than $1.5 million in higher wages and new investments for its employees." --U.S. Representative Steve Scalise (R-La.), in an op-ed for The Advocate