Not Done Yet
By Rep. Kristi Noem
The U.S. economy is booming right now. After years of snail’s-pace growth, it surged ahead 4.1 percent last quarter, which economists called a “blockbuster” and “rip-roaring” number. What’s more, worker pay reached the highest level since 2008, with wages, salaries, and benefits all increasing by significant margins.
This economic resurgence didn’t just happen, however. Over the last two years, we have dramatically reduced both taxes and regulations, giving families and businesses the freedom to grow they’ve been waiting for.
More specifically, since President Trump took office, we have dismantled 2,000+ regulations – one of the most significant government rollbacks in recent memory.
Additionally, the administration has dramatically slowed the creation of new regulations. According to the National Association of Manufacturers, “Compared to the Obama administration, during its first 18 months in office the Trump administration has approved 53.1 percent fewer new ‘major’ rules (i.e., those having an economic impact of $100 million or more…) and 64.4 percent fewer new ‘minor’ ones.”
The regulatory reversal has created a newfound hopefulness for many job creators. In fact, small businesses report in a National Federation of Independent Businesses survey that they are more optimistic today than at any point in the last three decades, setting the stage for continued growth.
Beyond the regulatory changes, President Trump signed the historic tax cuts bill I helped negotiate. As a result of the legislation, the average South Dakota family of four will see their after-tax incomes rise by $2,400. How? We made it so the first $24,000 a couple makes is now tax free. We doubled the Child Tax Credit to $2,000 per child. We eliminated the marriage penalty and built in pro-growth reforms that produced higher wages, lower utility bills, and a booming job market.
Just like Ronald Reagan did, we’ve proven the true value of tax cuts and deregulation. And we’re ready to do more. Right now, as a member of the House Ways and Means Committee, I’m working on what we’re calling Tax Cuts 2.0. This legislation would lock in the tax cuts for families, help incentivize entrepreneurship, and much more.
The bottom line is this: We know what works. When we reduce the size, scope, and cost of government, ‘We the People’ have room to grow. I’m proud of what’s been accomplished so far, but we’re not done yet.