In the time since Congress passed and President Trump signed the Tax Cuts and Jobs Act into law, Americans have already received over $4 billion in bonuses and increased pay. Small businesses are reporting record levels of optimism, which has allowed them to hire more employees and expand their operations. For the first time since we began recording unemployment data, there are now more jobs available than there are people looking for work.
In Arizona’s 8th Congressional District, people are seeing an average reduction in their taxes of between $1,500 and $2,600. The tax cuts have provided a spark to our economy, simplified our outdated tax code, and increased the take-home pay of many Americans.
Our economy has also benefitted from a reduction of federal regulations. Light-touch policies to keep Washington out of small businesses have allowed them to thrive. I supported S. 2155, which was signed into law by President Trump, because it will reduce the regulatory burden on small and community banks and provide for additional consumer protections and economic growth.