On January 20, 2017, Donald J. Trump was sworn in as the 45th President of the United States of America. In only 19 months of office, the success of the Trump administration thus far has been truly remarkable. In this article, two categories will be analyzed: the economy and domestic policy. We’re going to objectively go over the facts and numbers that show how the country has improved for the better since the President’s inauguration.
To begin with, let’s take a look at the economy:
According to the Bureau of Labor Statistics, the unemployment rate in the United States of persons 16 years of age and older as of July 2018 is at 3.9%, the lowest it’s been since December of 2000. To take into perspective what this means, in two full terms, President George W. Bush and President Barack Obama’s lowest unemployment rates were 4.2% in February of 2002 and 4.6% in November 2016, respectively. In just 19 months of office, the unemployment rate has hit an 18 year low under the Trump administration.
Furthermore, youth unemployment of persons 16-24 years of age is at a 52 year low. From April to July 2018, the number of employed youth 16 to 24 years old increased from 2.0 million to 20.9 million as reported by the BLS.
Nevertheless, unemployment rates for minorities (Hispanics, Asians, African Americans) have not only improved, but are at a historic all-time low. The mainstream media lies to the American people by calling the President a racist and spewing propagandist rhetoric implying that Trump doesn’t care about minorities but the fact of the matter is, minorities are doing better under the Trump administration than ever in the history of the United States and we’re only a year and 7 months into the 45th presidency.
According to Investor’s Business Daily, Asians as a group saw their unemployment rate rise to as high as 8.4% in 2009 under the Obama administration. In December 2017, it fell below 3% for the first time since 2007, dropping to a record-low 2.5%. For Hispanics, unemployment reached a 26 year high of 13.0% during President Obama’s first year in office. Note that the country was indeed in an economic recession during this time, nonetheless the statistic is a fact. The Hispanic unemployment rate at the time of Obama’s departure was 6.2%. In President Trump’s first year in office, the number dropped to 4.8% which was a record in it’s own right. As of July, 2018 the unemployment rate amongst Hispanics has dropped to a historic 4.5%, the lowest recorded rate in the history of the country. Lastly, African-American unemployment reached an all-time low of 5.9% in May of 2018. The facts reveal that President Donald Trump has been the most consequential president in history when it comes to minority employment.
- Tax Cuts
On December 22, 2017, President Donald Trump signed into law the “Tax Cuts and Jobs Act”, a bill which will save taxpayers and corporations $1.5 trillion in taxes over ten years, according to The Daily Wire.
President Trump’s tax plan maintains the seven tax brackets in the Federal Income system although the tax rate has been lowered in 5 out of the 7 brackets. Listed below is the change in tax rates.
- Prior to the tax cuts
|Single Filers||Married Filing Jointly||Tax Rate|
|$0 – $9,325||$0 – $18,650||10%|
|$9,326 – $37,950||$18,651 – $75,900||15%|
|$37,951 – $91,900||$75,901 – $153,100||25%|
|$91,901 – $191,650||$153,101 – $233,350||28%|
|$191,651 – $416,700||$233,351 – $416,700||33%|
|$416,701 – $418,400||$416,701 – $470,700||35%|
2. New Tax brackets
|TRUMP TAX BRACKETS|
|Single Filers||Married Filing Jointly||Tax Rate|
|$0 – $9,525||$0 – $19,050||10%|
|$9,526 – $38,700||$19,051 – $77,400||12%|
|$38,701 – $82,500||$77,401 – $165,000||22%|
|$82,501 – $157,500||$165,001 – $315,000||24%|
|$157,501 – $200,000||$315,001 – $400,000||32%|
|$200,001 – $500,000||$400,001 – $600,000||35%|
The American middle and upper-middle class received the most significant tax cuts at 3% and 4%, respectively. According to the Tax Policy Center, the average household will receive a tax cut of $1,610 in 2018.
The tax plan also significantly slashes corporate tax rates from the highest rate in the industrialized world of 35% to 21%, which was partially responsible for the 4.1% GDP growth in the 2nd Quarter of 2018. Further details on the Tax Cuts and Jobs Act.Tax paying Americans will have more money in their pockets as a result of the efforts by the Trump administration and the Republican Senate and House of Representatives.
Over 3 million Americans have received bonuses as a result of the income tax cuts and corporate tax cuts. FOX Business reports that 23 major companies including Apple, Starbucks, JPMorgan, Home Depot, CVS, Lowe’s, JetBlue, amongst others have awarded close to 800,000 employees $500 to $1,200 each in cash bonuses, while investing millions of dollars saved from the corporate tax cuts in higher wages, improved benefits, retirement savings, stock ownership, job training, and education for employees.
- Corporations bringing manufacturing back to the US
As a result of the corporate taxes being slashed by the Republican-passed Tax Cuts and Jobs Act, the money companies stashed overseas in order to avoid the high U.S. corporate tax rates are rushing back in, boosting growth, jobs, and positive morale in the American economy. As the Bureau of Economic Analysis reported, $305.6B returned to the U.S. from overseas accounts. That’s a $1.2T annual rate, and far more than the $35 billion one year before. Prior to the tax reform, as reported by the United States Public Interest Research Group, U.S. companies had an estimated $2.6T stashed in overseas accounts.
Data provided by Reshoring Initiative reveal that 16 companies including Apple, Boeing, Ford, General Motors, and Polaris have announced plans to bring back, add, or retain 73,000 American manufacturing jobs.
Evidence has shown that the income tax cuts, the slashing of corporate tax cuts, and deregulation has saved corporations millions of dollars that can and has been used to further invest in employees, thus strengthening the economy and helping improve the lives of many Americans across the country.
Yadriel Rios is a Lead Contributor for theDailyLead.