It’s finally happening!
The House and Senate have both passed sweeping tax reform for the first time in 30 years, and young Americans should be thrilled.
For years, we’ve been trapped in a struggling economy. Companies had few job openings, and the jobs available came with low wages. But now that tax reform is set to become law, all of this could change.
Lower individual tax rates will mean more money in our paychecks every month. For those of us just starting out or in the early stages of their career, lower taxes will make it easier for us to make ends meet and begin putting some money away.
But we’ll also benefit from lowering the corporate tax rate. Businesses will be able to reinvest their savings back into the company, fueling a more vibrant economy. Young Americans will see higher paychecks and more job options in the coming years thanks to the tax reform plan.
How do we know this? Because it’s happened before. When tax reform was passed in the 1980s, per-capita disposable income increased more than $2,700 and the economy added nearly 12 million new jobs. The economy took off too—the average quarterly gross domestic product increased by 5 percent.
With the tax reform plan headed to President Trump’s desk, it’s time to start celebrating. After all, it’s the best Christmas gift Congress could have given the American people!