Quick Take: Your Update on Tax Reform, Six Months Later

Jun 22, 2018 - 10:00am

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President Donald Trump signs the Tax Cuts and Jobs Act of 2017.
President Donald Trump signs the Tax Cuts and Jobs Act of 2017.

Remind me: Six months ago today, on December 22, 2017, President Trump signed the first major overhaul of the nation’s federal tax code in more than 30 years.

Why does it matter? The tax reform legislation lowered rates for all businesses, doubled the standard federal tax deduction, increased the child tax credit for families across the country, and introduced a new family leave tax credit, among myriad other benefits. Due to the overhaul, 90% of American workers are seeing increased take home pay, wages are growing at their fastest pace in a decade, and business and consumer confidence are surging.

Number to know: 500. More than 500 companies have already announced employee bonuses, wage increases and/or benefit increases directly tied to tax reform. 

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This map shows tax reform unleashing American growth. Businesses are investing in their workers and communities.
Businesses across the country are investing in their workers and communities.

Our take: “The advantages of tax reform are reaching far and wide, and they’ve only just begun. Businesses will feel the impact in every quarter going forward, and Americans will feel it in every paycheck. For the entire American economy, tax relief is truly a gift that keeps giving.” – U.S. Chamber President and CEO Tom Donohue (read the full commentary here)

What’s next? In the coming months, look for tax reform to continue to pad the wallets of businesses, workers and families across the country. Here in Washington, we’re working with the Treasury Department and the IRS throughout the guidance and regulatory process to ensure the new law is implemented in a way that continues to generate economic growth for years to come. And in recent news, the Treasury Department will soon release a brand new 1040 tax form that – as promised – will be as small as a postcard.

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Related: Tax Reform: Unleashing American Growth

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