Just over 180 days. Six short months. That’s how long it has been since the biggest overhaul of our tax code in a generation was signed by the president—and the time it took for the new tax code to revitalize the economy and put working families on the path to prosperity.
Tax reform has unlocked a wave of economic momentum. In the six months since, wages have grown, confidence has skyrocketed, jobs have been created, unemployment has declined.
These six figures show this momentum is not slowing down:
- 65: That’s the percentage of Americans who say now is a good time to find a quality job, according to a new Gallup survey out this morning. This level of optimism is one of the highest in the survey’s history, and it’s an encouraging sign: Americans are recognizing the healthy job market. Right now, there are more open jobs in this country than job seekers.
- 54: In a recent CNBC survey, the percentage of Americans who believe the economy is good or excellent reached 54 percent. It's the highest number CNBC has ever recorded. Additionally, “For the first time, the percentage of Americans saying the economy is excellent outstrips the percent saying it is poor.”
- 50: All 50 states now have designated opportunity zones. Created through a provision in the Tax Cuts and Jobs Act, these zones—more than 8,000 in total—are designed to attract private investment to distressed neighborhoods by offering tax incentives. This could unlock new economic growth in areas that need it—truly opening up new opportunities.
- 78: In UBS’ latest survey of business owners, 78 percent of them expressed optimism about their business’ outlook over the next 12 months. This kind of confidence means businesses can take risks to expand and grow, which ultimately benefits workers. Additionally, 70 percent of business owners expressed confidence in the long-term economic outlook.
- 95.1: American manufacturing is having a resurgence. In the National Association of Manufacturers’ second quarter outlook survey, 95.1 percent of manufacturing businesses felt positive about their company’s outlook. The survey noted, “it is clear that businesses continue to experience highly elevated levels of activity as a result of pro-growth policies like tax reform.”
- 4 million: The Heritage Foundation estimates that since enactment of tax reform, 4 million workers across the country have received a bonus or a pay raise. For working families, this is meaningful: It’s more money to put into savings, put toward education, make an important payment—one of the many things that can make Americans’ lives just a bit easier.
With these kind of results, there’s no telling what good news the next six months will bring.