economy
Winning: What one year of Republican tax relief looks like
From our nation’s beginning, taxes have played a critical role in people’s daily lives. Indeed, a series of disputes over unfair taxes contributed to our American Revolution. As we celebrate our nation’s independence this year, the public can also celebrate new, permanent tax relief, more opportunities, and greater economic prosperity thanks to the enactment of the Working Families Tax Cuts on July 4 last year.
TL;DR
- Over 62 million Americans benefited from new tax relief, including deductions for tips, overtime, American-made cars, and seniors.
- Millions of children are registered for Trump Accounts, with many receiving an initial government contribution to build financial security.
- Taxpayers received over $320 billion in refunds, an 18% increase from the previous year.
- A permanent 20% tax deduction for small businesses is expected to create 1.2 million jobs annually and boost GDP.
- Restored full expensing for U.S. research and development supports domestic innovation.
- The law achieved $1.5 trillion in savings by eliminating waste, fraud, and abuse from mandatory spending programs.
- Reforms to programs like Medicaid include work requirements and tightened eligibility verification.
- A $50 billion Rural Health Transformation Program aims to improve healthcare access in rural communities.