Steven T. Mnuchin in an op-ed for Tampa Bay Times, has claimed that six months after the passage of the Tax Cuts and Jobs Act, tens of millions of hardworking Americans are experiencing an economic renewal and that GDP is growing faster than it has in a decade.
Mnuchin who is is the 77th Secretary of the U.S. Treasury said unemployment is at a historic low and business and consumer optimism are reaching record highs.
“Hundreds of billions of dollars in investments are pouring into our country. Millions of jobs are being created. Families are keeping more of what they earn, and businesses are better able to compete in the global marketplace,” Mr Mnuchin said.
Adding: “The Tax Cuts and Jobs Act championed by President Donald Trump and passed by Congress have been central to the current success of the economy.”
According to Mnuchin more than 500 companies have announced bonuses, higher wages, increased retirement savings and other benefits for their employees since the implementation of the Tax Cuts and Jobs Act. Companies are investing in facilities and jobs in America as a result of the Act.
“In just six months, these historic tax cuts are yielding tremendous results for workers and taxpayers all across the country. The unemployment rate — currently 3.8 percent — is at an 18-year low. African American unemployment is the lowest ever recorded. Unemployment claims are at their lowest in 45 years. The Labor Department now reports for the first time that there are enough job openings in America for every unemployed person in the country.”
Mnuchun said President Trump’s Tax Cuts and Jobs Act is fulfilling America’s critical goals of allowing people to keep more of what they earn, improving the business environment, as well as restoring fairness to the tax code making the filing process simpler.