News from Representative Tom Emmer

Dear Friend,

As the economy continues to build momentum, there is a lot to celebrate this holiday season!​ Unemployment fell to 3.5%, a 50-year low; we added 266,000 new jobs in November, well above the 180,000 originally projected; there has been job growth every month for the past three years; and the Bureau of Labor Statistics also announced that our economy grew at 2.1% in the most recent quarter. 

A major reason for this sustained economic growth is the passage of the Tax Cuts and Jobs Act, signed into law two years ago this month! For the first time in over three decades, we achieved comprehensive tax reform, which jump-started us down the path towards economic growth. Since December 2017, we have seen the economy boom and individuals across America reap the benefits of a more competitive and prosperous nation.

Due to the Tax Cuts and Jobs Act: 

  • Companies across Minnesota invested in their employees in the form of bonuses, increased contributions to their 401(k) and retirement savings.
  • Reduced compliance costs by $3 billion to $5 billion annually.
  • Minnesotans saw an average tax cut of $1,436.

This week, the University of Michigan released its consumer confidence report which showed that in 30 of the past 35 months, consumer confidence was at 95 or higher, and this month, the number rose to 99.2!  Economists follow these reports to account for consumer spending, which is the backbone of our economy. 

In addition to legislation like the Tax Cuts and Jobs Act, I have advocated for pro-growth policies that encourage job growth and increase wages. I have supported renegotiated trade deals like USMCA and have worked to ease the federal regulatory burden on industries such as mining in Minnesota. I have also introduced legislation such as the Main Street Growth Act to encourage entrepreneurs and small business owners to take their companies into the public marketplace. All of these efforts are designed to help individuals throughout Minnesota and around the country share in the growth our county is experiencing.

Throughout this holiday season, know that our country is built on a strong foundation of economic growth for the future. I will continue to partner with the Administration to reduce regulation and promote policies to unleash America’s true economic potential.

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