Washington, DC - When I visit Iowa on Tuesday, I'll bring a message to the good people of the Hawkeye State: The American economy is booming - and we’re just getting started.
Since Day 1 of our administration, President Trump has been fighting to rev the engine of our national prosperity and restore hope to the forgotten men and women of America.
Our president has signed more laws cutting through red tape than any president in American history. We’ve eliminated 22 federal regulations for every one we’ve issued, and we’re rolling back the disastrous Waters of the United States mandate. We’ve fought for trade deals that put American farmers and American workers first. We’ve unleashed the affordable American energy that fuels farms and families all across Iowa, and after years of delays, we approved the Keystone and Dakota Pipelines.
The results have been nothing short of remarkable.
Since our election, businesses large and small have created 2.5 million new jobs, including nearly 12,000 new good-paying jobs in manufacturing in Iowa alone. Jobless claims are at their lowest level in nearly half a century. Nationally, the unemployment rate is at a 17-year low, and Iowa has the fourth-lowest unemployment in the nation. And thanks to our actions, and the strong leadership of Iowa’s elected officials, the Hawkeye State is the best state in America for middle-class families.
But make no mistake: The best is yet to come. Our economy is going to keep picking up speed, because just over two months ago, with the support of Iowa’s Republican leaders in Congress, we passed the largest tax cuts and tax reform in American history.
We cut taxes for hard-working Iowans. The first $24,000 in income for a married couple is now 100% tax free, the child tax credit is twice as high as it was before, and 90% of working families will soon see the tax cut reflected in their paychecks. All told, we estimate the typical Iowa family of four will see a tax cut of almost $2,500.
We also cut taxes for job creators of all sizes. We slashed the corporate tax rate from the highest in the developed world to below the average, so Iowa companies can compete and win against businesses anywhere in the world. Iowa small businesses and family farms also received significant tax relief, which means deeper roots and bigger investments in their communities.
Thanks to our tax cuts, companies are investing as never before in Iowa workers and Iowa’s future. Company after company is giving bonuses to workers all across the Hawkeye State. In Des Moines alone, thousands of workers have received an average bonus of $1,000, and more than 20,000 Iowans have gotten a raise. Many other companies across the state have followed suit, with raises, bonuses and better benefits for their workers.
Overall, working families in Iowa can expect to see their paychecks grow by more than $4,100 a year. And that extra money will be on top of the tax cuts that are already making a difference in Iowa wallets.
President Trump and I know that we have more work to do. We’re going to keep cutting job-killing red tape and standing up to unfair trade practices by other countries, including China. And we’ll work with Iowa’s leaders in Congress to pass a historic infrastructure bill that will rebuild the Hawkeye State and pave the way for even more jobs and faster growth.
After the first year of our administration, it’s been a year of promises made and promises kept. We’re renewing prosperity and restoring opportunity all across America. With President Trump’s leadership, and the support of the good people of Iowa, we’ll continue to take decisive action to finish what we’ve started, and we’ll Make America Great Again.
Mike Pence is Vice President of the United States of America.