Today marks the first Tax Day under the new President Trump Tax Code, this massive tax cut benefits everyday working families and supports American businesses.
In 2018, Americans started benefiting from the President’s Tax Cuts and Jobs Act as their take-home pay increased due to a lower tax burden and companies large and small passed the benefits of the business tax cuts on to their employees in bonuses, raises, and other benefits.
“Under President Trump, our tax code is simpler and fairer and helps American businesses stay competitive,” said Secretary of Commerce Wilbur Ross. “The Trump Administration understands that entrepreneurs require a favorable business environment to enable their success.”
Created by the Tax Cuts and Jobs Act of 2017, the Opportunity Zones tax incentive is designed to spur economic development and job creation in distressed communities. This tax incentive is an essential part of President’s Trump efforts to bring economic opportunity to communities that have been left behind. Opportunity Zones encourages investors to fund new businesses, develop properties, and finance construction in these struggling communities.
The Department of Commerce is directing its resources to benefit businesses in low-income communities through the Opportunity Zones tax incentive program. The Economic Development Administration is focusing its business development funding on designated Opportunity Zones. The Census Bureau and the Bureau of Economic Analysis are utilizing available economic data to provide new Opportunity Zone businesses with the statistical data they need to succeed. And the Minority Business Development Agency is working to ensure the minority business community leverages Opportunity Zone financing as a new private-sector capital resource.
President Trump’s economic agenda is bringing back the competitive edge for American businesses and allowing American entrepreneurs to set themselves apart on the global stage. Thanks in part to the Tax Cuts and Jobs Act, America is open for business.