3 bills for a booming economy
August 12, 2018
Unemployment is at historic lows, job openings are at record highs, paychecks are growing, and wages are rising, right along with economic optimism.
Below are three big pieces of legislation that the House has passed on behalf of our economy:
1. H.R. 1: The Tax Cuts & Jobs Act of 2017 was signed into law by the President in December 2017. The effects of this new tax code on not only individuals, but the economy, the job market, and the unemployment rate should not go unnoticed. After years of struggling to get ahead, the American people are seeing jobs, opportunity, and confidence come roaring back. Worker pay rate has hit its highest level since 2008, the unemployment rate fell to 3.9%, and the economy added 157,000 jobs in July. Over the next 10 years under our new tax code, the average increase is take home pay for families in Michigan’s 11th District is $28,943. Furthermore, next year when you file your taxes the average family of four in Michigan’s 11th District will see a tax cut of $4,111. We are continuing our work to build on this momentum to keep our economy moving forward-- because we think it’s better to have your paychecks go up, and your taxes go down. To learn more about the new tax code, please follow this link.
2. S. 2155: The Economic Growth, Regulatory Relief and Consumer Protection Act, was signed into law by the President in May 2018. This bill reflects the most significant pro-growth regulatory relief package in nearly a generation. Approximately half of the bill originated in the House Financial Services Committee and I applaud my fellow committee members for their hard work on this bill. Dodd-Frank’s excessive regulations have contributed to the slowest and weakest economic recovery in 70 years. S. 2155 is important bipartisan legislation that will reduce burdensome and unnecessary red tape that prevents companies from growing and creating more and better jobs. It also addresses those regulatory burdens that hinder Main Street financial institutions from serving their customers through greater credit opportunities. To learn more about this bill, please follow this link.
3. S. 488: The JOBS and Investor Confidence Act of 2018 is comprised of 32 individual pieces of legislation that passed in the House with broad bipartisan support. I am proud to have supported this legislation because small businesses make up 99% of all enterprises and employ almost half of our American workforce, and we must reform our capital markets. This bill modernizes America’s capital markets and reduces the burdens and complexities of regulations, through these provisions we can encourage more investments in Main Street businesses and help entrepreneurs gain access to capital they need to launch a new startup and create jobs. To learn more about this bill, please follow this link.