For nearly a decade, our nation was stuck in the slowest, weakest economic recovery since the Great Depression. But policies enacted over the last couple of years to roll back burdensome regulations and cut taxes are restoring confidence in our economy. This good news is largely attributable to the Tax Cuts and Jobs Act, the first comprehensive overhaul of our nation’s tax code in 31 years. This legislation:
- Doubled the standard deduction, expanded the child tax credit, and delivered a $2,051 tax cut for the average family of four in Kentucky’s Sixth District.
- More than 4 million workers, including thousands of Kentuckians, have received bonuses, wages, reduced utility bills, and enhanced benefits and, for the first time ever, job openings outnumber job seekers.
- Included provisions I championed to reduce the tax and regulatory burdens on Kentucky’s job creators, including the signature bourbon and horse industries.
Americans have always been dreamers, strivers and doers, even in the most difficult of economic times. Now, Americans from all walks of life can once again believe in a better, more prosperous future.