December 22 marks 2 years since President Donald J. Trump signed the Tax Cuts and Jobs Act (TCJA). TCJA’s pro-growth reforms of individual and corporate taxes were the largest tax cut in United States history. Additionally, since TCJA’s passage, United States multinational enterprises have repatriated $1 trillion in past overseas earnings that were previously invested abroad.
By increasing businesses investment and worker earnings, TCJA has also supported today’s strong labor market. The United States unemployment rate continues to fall below pre-2016 election forecasts and reached 3.5 percent this year, the lowest rate in a half-century.