Issue Position: Economy and Jobs
Issue Position
Under President Trump's leadership, Congress passed historic tax cuts and relief for hard-working Americans. The Tax Cuts and Jobs Act:
Is the first major tax reform signed in 30 years.
Provided tax relief for 82% of middle-class families.
Doubled the Child Tax Credit proving an additional $1,000 per child in tax relief for working parents.
Nearly doubled the standard deduction, a change that simplified the tax filing process for millions of Americans.
Cut taxes for small business by 20%, providing $415 billion in tax relief for small business owners.
Alleviated the tax burden on over 500 companies. who used those savings to fund bonuses, wage increases for 4.8 million workers.
Spurred new investments into the American economy, after it was passed businesses invested $482 billion into new American projects.
Repealed Obamacare's burdensome individual mandate.
Made U.S. companies competitive on the world stage, lowering the corporate tax rate from one of the highest in the industrialized world (35%) to 21%.
U.S. Gross Domestic Product (GDP) growth has soared under President Trump, topping 3% in 4 quarters under his administration.
2018 annual GDP growth was 2.9%
In the first quarter of 2019 GDP growth was 3.1%
President Trump is unleashing economic growth and jobs. Since his election, the Trump administration's pro-growth policies have generated 6 million new jobs, the unemployment rate has fallen to its lowest point in 50 years, and wages have grown at more than 3% for 10 months in a row.
The manufacturing industry created nearly half a million new jobs.
625,000 new construction jobs have been created since President Trump took office.
Hispanic, Asian and African American unemployment rates have all reached record lows under President Trump.
There are more than a million more job openings than unemployed persons in the U.S.
President Trump signed an executive order that expanded federally funded apprenticeship programs and on-the-job training, to provide an alternative for those looking to gain in demand skills that lack the resources to attend four year universities.
The executive order set in motion a new process that makes it easier for businesses to create and scale apprenticeship programs, providing many more Americans access to an affordable education that leads to a well-paying job.
The Workforce Development Advisory Council established by President Trump's executive order has already created on-the-job training opportunities for 6.5 million Americans.
The Trump administration prioritized the economic empowerment of women at home and across the globe.
The Trump Administration launched the Women's Global Development and Prosperity (W-GDP) Initiative, the first-ever whole-of-government approach focused on advancing women's full and free participation in the global economy and allocated $50 million for the fund.
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