Here’s What the Tax Cuts Have Done for America in 2 Years

It’s been two years this month since Congress passed and President Donald Trump signed the Tax Cuts and Jobs Act, providing the first major tax reform since 1986.

It was a historic overhaul that has delivered tangible benefits for our national economy.

The tax cuts lowered our federal corporate income tax rate, which was hurting American job creators’ ability to compete on a global stage. Previously at 35%, the U.S. rate was one of the highest in the developed world.

Now at 21%, it is closer to the average corporate income tax rate among developed countries, which allows U.S. companies to compete on a more level playing field.

The Tax Cuts and Jobs Act also created innovative Opportunity Zones to provide tax incentives to boost long-term investment in historically distressed, underserved communities across our country.

Change doesn’t happen overnight, but this is an important part of a long-term effort to strengthen America’s economy and afford greater economic opportunities to all of our citizens in the decades to come.

In addition to bolstering our national economy as a whole, tax reform provided real relief for American families on a personal level. This came in the form of an increased standard deduction, as well as doubling the Child Tax Credit and expanding eligibility so more families can participate.

It also included strengthening 529 savings plans, which are one of the most commonly utilized tools for planning and saving for education expenses.

Under the old rules, families could only apply their 529 savings plans toward eligible colleges or universities. Now, thanks to tax reform, the money invested in your 529 savings plan can be used to cover qualifying expenses for private, public, or religious schools from kindergarten all the way through 12th grade.

Each of these reforms is playing a part in reenergizing our economy, one family at a time.

Consumers are highly optimistic. Richard Curtin, the chief economist at the Surveys of Consumers Attitudes, recently said consumer sentiment has been at 95 or higher in 30 of the past 35 months, according to CNBC. That’s a 20-year...

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