Grassley Statement on Two-Year Anniversary of Tax Cuts and Jobs Act
Dec 11, 2019
Washington – Senate Finance Committee Chairman Chuck Grassley (R-Iowa) today released the following statement regarding the upcoming two-year anniversary of the landmark Tax Cuts and Jobs Act. The once-in-a-generation overhaul of the tax code was signed into law by President Donald Trump on December 22, 2017.
“The fifty-year low unemployment rate and consistently strong wage growth say everything Americans need to know about how tax reform is working,” Grassley said. “Democrats would prefer Americans believe things were terrible in their country. But countless ‘hiring’ signs on storefronts, higher salaries available to millions, more take-home pay for every tax bracket, decreasing poverty rates and substantial corporate investment in the workforce tell the real story. And Despite Democrat claims to the contrary, the tax law maintained the progressivity of the tax code. In fact, lower-middle income Americans saw the largest reduction in their tax rates. And that’s on top of pro-family provisions like a doubling the child tax credit from $1,000 to $2,000 and a near doubling of the standard deduction, simplifying the tax filing process for millions of Americans. Tax reform also helped make the United States more competitive with other countries and make American workers more attractive to hire. That means fewer jobs outsourced abroad and more ‘made in America’ jobs created domestically. At the end of the day, the proof is in the pudding. America is back at work and back on track thanks to President Trump and Republican leadership.”