Trump to tout tax reform in State of the Union as 3M workers get bonuses
One year into President Donald Trump’s tenure and millions of American workers have secured a tangible economic benefit, he is expected to say during his first State of the Union address on Tuesday.
In the address, which plays on the theme of “a safe, strong and proud America,” President Trump will tout the newly-implemented tax plan, which passed both chambers of Congress in late December, as a boon to his middle-class base.
“Just as I promised the American people from this podium 11 months ago, we enacted the biggest tax cuts and reform in American history,” early excerpts from his address read. “Our massive tax cuts provide tremendous relief for the middle class and small businesses. Since we passed tax cuts, roughly 3 million workers have already gotten tax cut bonuses – many of them thousands of dollars per worker.”
The tax reform bill shifted the tax bracket system, expanded the child care tax credit and nearly doubled the standard deduction–all measures designed to give middle class Americans a boost. Additionally, changes to the corporate structure, including a massive 14 percentage-point reduction to the business tax rate, have encouraged domestic companies to invest more in their U.S. plants, production facilities and employees.
As previously reported by FOX Business, a growing number of U.S. companies have pledged to give workers a raise or bonus as a result of the Tax Cuts and Jobs Act, including Boeing (NYSE:BA), Home Depot (NYSE:HD) and AT&T (NYSE:T).
Trump is also expected to address a pending $1 trillion infrastructure overhaul, which could both boost jobs and provide an added source of stimulus to the manufacturing sector. He will call on both parties to come together on the initiative that would address everything from roads and airports to broadband and hospitals.