Tuesday is a day hardworking Americans may dread more than any other. Tax Day. A day that individuals and families, small business owners and part-time workers struggle to conquer a burdensome, complex and extremely unfair tax code to determine how much money they owe the government.
But we are changing Tax Day for Americans across the country.
This is the last year Americans will fill out outdated, complicated tax forms. In the years ahead, because I signed one of the largest tax cuts in history and the most sweeping tax reform in a generation, many Americans will complete their taxes on a simple, single sheet of paper. Remarkably, Congress had to pass this critical legislation without a single Democrat’s vote.
'A typical family of four earning $73,000 a year can expect to see an income tax cut of more than $2,000 when they file their tax return in 2019 — slashing their income tax bill in half. The standard deduction has been nearly doubled, so now twice as much income is earned tax-free.
The tax law also doubled the child tax credit and lowers rates across the board for hardworking families.
I made sure the IRS acted quickly to deliver some of the benefits of this tax cut legislation to Americans. As a result, Americans began to see bigger paychecks as early as February. And more savings are on the way.
America’s competitive edge has also been restored. We significantly cut our corporate tax rate from one of the highest in the developed world, which means that American workers and businesses are finally able to win again against foreign competitors. We know that when American workers compete on a level playing field, American workers win.
We have already created 3 million jobs since the election — including more than 290,000 new jobs in manufacturing and more than 75,000 in mining and logging jobs.
On the announcement of my signing this historic tax reform, companies immediately started announcing thousands of new jobs and making enormous investments in their workers. Unemployment claims have reached a 44-year low. After years of wage stagnation, real wages are rising.