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 States 975,000 $2,598
Alabama 13,323 $2,078
Alaska 2,241 $3,332
Arizona 18,234 $2,512
Arkansas 8,277 $2,020
California 111,108 $2,932
Colorado 17,520 $3,105
Connecticut 11,322 $3,341
Delaware 3,053 $2,554
District of Columbia 5,274 $3,123
Florida 56,530 $2,252
Georgia 29,521 $2,355
Hawaii 4,367 $3,174
Idaho 4,695 $2,489
Illinois 40,545 $2,701
Indiana 20,787 $2,468
Iowa 10,589 $2,600
Kansas 9,507 $2,500
Kentucky 12,908 $1,996
Louisiana 13,293 $1,857
Maine 4,162 $2,238
Maryland 18,259 $3,245
Massachusetts 24,015 $3,180
Michigan 29,168 $2,512
Minnesota 19,525 $3,090
Mississippi 7,718 $1,808
Missouri 19,166 $2,421
Montana 3,154 $2,511
Nebraska 6,844 $2,612
Nevada 8,765 $2,439
New Hampshire 4,506 $3,355
New Jersey 27,481 $3,013
New Mexico 5,601 $2,132
New York 63,357 $2,703
North Carolina 29,264 $2,366
North Dakota 2,932 $2,648
Ohio 36,958 $2,375
Oklahoma 11,138 $2,241
Oregon 12,358 $2,602
Pennsylvania 39,673 $2,683
Rhode Island 3,304 $2,707
South Carolina 13,850 $2,391
South Dakota 2,918 $2,528
Tennessee 19,999 $2,259
Texas 81,108 $2,558
Utah 9,625 $2,969
Vermont 2,111 $2,677
Virginia 26,417 $2,924
Washington 21,875 $3,094
West Virginia 5,042 $1,952
Wisconsin 19,718 $2,632
Wyoming 1,893 $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.

    Comments are closed.