Washington, D.C.—Today, the Job Creators Network (JCN) highlights the strong October jobs number reported by the Bureau of Labor Statistics. The report reveals that 261,000 jobs were created last month and the unemployment rate dropped to 4.1 percent, the lowest figure since 2000. These strong numbers demonstrate the current strength of the American economy, which is being fueled by President Trump’s deregulation and pro-business policies.
Yesterday, the Tax Cuts and Jobs Act was introduced to committee. It would cut taxes across the board leaving more money in the private economy to create even more jobs, raise wages, and grow the economy even further. Specifically, many small business job creators would see their top tax on business income drop to 25 percent under the plan from the current 40 percent. Other small businesses would benefit from the elimination of the 15 percent tax bracket and the doubling of the zero tax rate income threshold. Economic and survey evidence indicate job creators would use these tax cuts savings to expand, hire, and raise wages. The tax plan could do even more good if this 25 percent rate were expanded to all small businesses, regardless of industry classification.
Alfredo Ortiz, JCN president and CEO, released the following statement:
Today’s jobs numbers reveal that the country and the current administration are on the right path. Through President Trump’s deregulation and other pro-business reforms, job creators are more confident to invest, expand, and hire, helping hardworking Americans and their communities. Passing recently proposed tax cuts would only amplify this strong economic performance. Allowing all small business job creators to keep a little more of their earnings by accessing the new 25 percent top tax rate would help them to thrive and hire even more Americans.