It has been only ten months since the House of Representatives passed the Tax Cuts and Jobs Act, but already our economy has seen a world of difference.
Thanks to these historic cuts, Hoosier families in Indiana’s Ninth Congressional District have seen their tax bill decrease by an average of 13.3%, allowing them to keep more of their hard-earned money and send less of it to a wasteful Washington.
For businesses, consumer confidence is at its highest level in 18 years, meaning the large and small companies that support our communities are investing in their firms and in their employees. At least six million workers across the country have received bonuses, better benefits, or pay increases due to tax reform. Unemployment is at a 49-year low. Wages and paychecks are rising at the fastest rate in 9 years.
As the good news from tax reform keeps adding up, things are looking especially optimistic for seniors.
According to the nonpartisan Congressional Budget Office (CBO), payroll and individual income tax revenues increased by 4%, or $105 billion, largely reflecting increases in wages and salaries. Thanks to tax reform, the CBO expects wages to rise by $1.2 trillion. That means more money flowing into our programs on which seniors rely and which I fight for everyday – Medicare and Social Security.
Hoosier seniors who rely on Medicare and Social Security can feel confident that the tide is beginning to turn as tax reform lifts our economy and lifts solvency for these programs. As more Americans get higher paying jobs and contribute more in payroll taxes, the solvency of these programs increases.
In Congress, I’m honored to fight for our country’s seniors, who have paid into these programs for decades, and make sure our country is keeping our promises to them. Earlier this year, I received the ‘Guardian of Seniors’ Rights Award.’ Supporting legislation, like tax reform, that put our seniors first and ensure their financial and healthcare security, is always a priority of mine.
For Hoosier families, businesses, seniors, employers, and job seekers, the Tax Cuts and Jobs Act proves again that reducing taxes is one of the most effective ways to create better futures and opportunities for generations to come.