GOP Tax Cuts and Jobs Act: The Impacts on Jobs and Incomes

Who Pays What in Taxes?
GOP Tax Cuts and Jobs Act: The Impacts on Jobs and Incomes

WhiteHouse.gov

Washington, DC – -(Ammoland.com)- The non-partisan Tax Foundation recently released their new analysis of the Tax Cuts and Jobs Act. Their reports show across the board savings and cuts for Americans all across the country.

The Tax Foundation estimates “that the plan would result in the creation of roughly 975,000 new full-time equivalent jobs, while increasing after-tax incomes by 4.4 percent in the long run. The increase in family incomes is the result of both the income tax cuts and the broader rise in productivity and wages due to economic growth. These estimates take into account all aspects of the Tax Cuts and Jobs Act, including changes to the individual and corporate tax codes.”

The top line numbers for the country are the following: United States – 975,000 new jobs with an average income gain of $2,598

“This is great news for the hardworking people of America. The Tax Foundation's findings come on the heels of the Council of Economic Advisors estimating that our tax plan will boost income for a typical American family by over $4,000. So when the President said our plan would give the American people ‘a big, beautiful present for Christmas,' he really meant it.” – White House spokeswoman Lindsay Walters

See the state-by-state numbers below:

 Estimated FTE Jobs Added (10-Year Estimate)Estimated Gain in After-Tax Income for Middle-Income Family (10-Year Estimate)
United States975,000$2,598
Alabama13,323$2,078
Alaska2,241$3,332
Arizona18,234$2,512
Arkansas8,277$2,020
California111,108$2,932
Colorado17,520$3,105
Connecticut11,322$3,341
Delaware3,053$2,554
District of Columbia5,274$3,123
Florida56,530$2,252
Georgia29,521$2,355
Hawaii4,367$3,174
Idaho4,695$2,489
Illinois40,545$2,701
Indiana20,787$2,468
Iowa10,589$2,600
Kansas9,507$2,500
Kentucky12,908$1,996
Louisiana13,293$1,857
Maine4,162$2,238
Maryland18,259$3,245
Massachusetts24,015$3,180
Michigan29,168$2,512
Minnesota19,525$3,090
Mississippi7,718$1,808
Missouri19,166$2,421
Montana3,154$2,511
Nebraska6,844$2,612
Nevada8,765$2,439
New Hampshire4,506$3,355
New Jersey27,481$3,013
New Mexico5,601$2,132
New York63,357$2,703
North Carolina29,264$2,366
North Dakota2,932$2,648
Ohio36,958$2,375
Oklahoma11,138$2,241
Oregon12,358$2,602
Pennsylvania39,673$2,683
Rhode Island3,304$2,707
South Carolina13,850$2,391
South Dakota2,918$2,528
Tennessee19,999$2,259
Texas81,108$2,558
Utah9,625$2,969
Vermont2,111$2,677
Virginia26,417$2,924
Washington21,875$3,094
West Virginia5,042$1,952
Wisconsin19,718$2,632
Wyoming1,893$2,544

 

  • 8 thoughts on “GOP Tax Cuts and Jobs Act: The Impacts on Jobs and Incomes

    1. It is possible that the business owner will use his net profit increase to invest in more automation thereby increasing his output and employing fewer workers at the same time. That has been happening quite a bit. Generally the displaced workers do not find equivalent employment elsewhere.

      1. Don, it sounds to me that your glass is half empty rather than being half full. You sound like someone that would be difficult to have as employee and you post borders on the premise of the liberals take it away from the rich and give to the poor and we will all be rich. Not so. can you spell socialism?

    2. @Brian, I don’t think you are looking at the whole picture here. For a business man to make more money is for him, or her, will have to step up production to keep up with competitors. There is only one way to do that and that is to expand the operation and that necessitates rewarding employees and hiring new employees. It is well understood that the business owner makes a profit from the employee’s production and that is necessary and reasonable, otherwise there would be no place for employees to work and make a living.

    3. LIE,LIE, LIE IN THE 80S IT WAS CALLED TRICKLE DOWN ECONOMICS AND IT DIDNT WORK, SAM BROWNBACK TRIED IT IN KANSAS AND IT DIDNT WORK EITHER

    4. It is all based on that the owners of the businesses will used the money they save on giving raises and hiring new employees. There are a lot of greedy owners/corporations that will keep the money as a profit and give themselves a bonus.

      1. Brian: So what if they do? These owners/corporations will then spend their profits on products or services that they need, either for personal or corporate use. Thereby creating jobs for others to produce those products or services. I have a small business and when I make profits, I reinvest most of it back into my business, Doing this, I need workers/contractors to do the work I need done for me. Even if one year I take a larger share of my profits for a personal bonus, I spend that bonus on myself, which creates demand for someone to provide the services I wanted.

      2. Brian: So what if they do? These owners/corporations will then spend their profits on products or services that they need, either for personal or corporate use. Thereby creating jobs for others to produce those products or services. I have a small business and when I make profits, I reinvest most of it back into my business, Doing this, I need workers/contractors to do the work I need done for me. Even if one year I take a larger share of my profits for a personal bonus, I spend that bonus on myself, which creates demand for someone to provide the services I wanted.

      3. @Brian, So national economic and governmental policy should be driven by petty jealousy? And what do you mean by “giving raises”? Salary, raise, bonus, and other remuneration is based upon value to the payor. There seems to be a gap in your education.

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