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Blaine's Bulletin: Six Month Tax-iversary

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Washington, June 29, 2018 | comments

At the end of the previous administration, our economic outlook was bleak. We had stagnant economic growth and were told that was the best we could hope for. The economy wasn’t working for consumers, workers, or small business owners because business, no matter the size, was seen as a necessary evil that only existed to pay taxes. Thankfully, America is enjoying a new economic reality as we celebrate the six-month “tax-iversary” of historic tax reform being signed into law.

Our economy has seen vast changes since the adoption of the new law, and it’s exciting to see the positive effects on families across Missouri and the nation. Just this year, 1 million jobs have been created and our unemployment rate has hit the lowest level since 1969. Small business optimism hit the highest level in 45 years and small businesses nationwide have reported higher wages, increased profits, and plans for expansion. Wages are growing at the fastest pace since 2008 and we are now expecting economic growth to exceed 4%. After years of sustained 2% growth – this is something to be excited about.

I’ve heard from business owners here in the Third Congressional district that the new tax law has allowed them to grow and hire more people. During a women-owned small business roundtable last year, one of the attendees told me that tax reform would drastically change the future of her business. She will be able to expand her business and hire additional workers. Our communities needed this additional boost, and thanks to President Trump and Congressional Republicans, it has been delivered.

Not only are small businesses expanding, but 4 million Americans workers have received bonuses since tax reform was signed into law. In Missouri, many businesses have announced bonuses and wage increases, including Hawthorn Bank in Jefferson City. They announced $1,000 employee bonuses, due to tax reform. As their CEO David Turner said, “We felt it only right that our people should share in that success. We also want to express our appreciation for their hard work, helping our customers and building the solid relationships that we have in our communities.” That is just one of the many examples we have in the Third District.

One thing we were promised during the tax reform debate was that tax season would become much easier and, more importantly, much cheaper for American families.  The Treasury Department’s new tax reform postcard is delivering on that promise. The new 1040 form will be only a half-page, simplifying the process for millions of Americans who will utilize the doubled standard deduction and allowing them to spend just minutes – not hours or days – filing their taxes without the assistance of a paid professional.  

Looking to the future, while tax season has become much less painful, our work is far from done.  We will continue working hard to ensure future generations are able to take advantage of a robust U.S. economy and live their American Dream.

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