The Tax Cuts and Jobs Act continued to drive economic momentum this week, with more news of companies expressing confidence and investing in their businesses. And we marked a big milestone in the relief families will get because of this new law.
Here’s a by-the-numbers look at how tax reform is continuing to boost American manufacturing, support working families, and save consumers money:
- 1.1 million: The Congressional Budget Office reports that our economy will add an average of 1.1 million jobs over the next 10 years as a result of the Tax Cuts and Jobs Act.
- 48: Since the passage of the Tax Cuts and Jobs Act, we have now tracked utility companies in at least 48 states which have taken action to decrease their customers' utility bills. Just this week, Entergy Louisiana announced that $105 million in savings will returned to its customers through lower utility prices.
- 53 percent of manufacturers surveyed in the Philadelphia Fed’s latest Manufacturing Business Outlook Survey said they planned to increase capital spending this year. The companies also expressed a general sense of optimism and expectations for continued growth.
- $2,059: The average tax cut the typical family of four will receive this year under the updated tax code. Tax Day this week marked the last time Americans will have to file under the old, outdated code.
- $500 million: Kroger’s investment in its employees over the next three years, some of which it can now accelerate, thanks to tax savings. The company announced this week it will be increasing training and development and raising wages, as well as upping its 401(k) match and offering better educational benefits for its employees.
Yet another strong week for the American economy, unleashed by tax reform. As Speaker Ryan wrote this week, “Fixing our tax code is a major part of what I came to Washington to do: pass reforms that will create an economic climate where more Americans have the chance to realize the American Idea. The new tax law is making that happen.”