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Sioux Center, IA 51250
Passed $3.2 trillion in historic tax relief and reformed the tax code.
- Signed the Tax Cuts and Jobs Act – the largest tax reform package in history.
- More than 6 million American workers received wage increases, bonuses, and increased benefits thanks to the tax cuts.
- A typical family of four earning $75,000 received an income tax cut of more than $2,000 – slashing their tax bill in half.
- Doubled the standard deduction – making the first $24,000 earned by a married couple completely tax-free.
- Doubled the child tax credit.
- Virtually eliminated the unfair Estate Tax, or Death Tax.
- Cut the business tax rate from 35 percent – the highest in the developed world – all the way down to 21 percent.
- Small businesses can now deduct 20 percent of their business income.
- Businesses can now deduct 100 percent of the cost of their capital investments in the year the investment is made.
- Since the passage of tax cuts, the share of total wealth held by the bottom half of households has increased, while the share held by the top 1 percent has decreased.
- Over 400 companies have announced bonuses, wage increases, new hires, or new investments in the United States.
- Over $1.5 trillion was repatriated into the United States from overseas.
- Lower investment cost and higher capital returns led to faster growth in the middle class, real wages, and international competitiveness.
Jobs and investments are pouring into Opportunity Zones.
- Created nearly 9,000 Opportunity Zones where capital gains on long-term investments are taxed at zero.
- Opportunity Zone designations have increased property values within them by 1.1 percent, creating an estimated $11 billion in wealth for the nearly half of Opportunity Zone residents who own their own home.
- Opportunity Zones have attracted $75 billion in funds and driven $52 billion of new investment in economically distressed communities, creating at least 500,000 new jobs.
- Approximately 1 million Americans will be lifted from poverty as a result of these new investments.
- Private equity investments into businesses in Opportunity Zones were nearly 30 percent higher than investments into businesses in similar areas that were not designated Opportunity Zones.
