After years of sluggish post-recession growth, our state’s recent history shows that Virginia is for lovers of pro-growth policies—at the foundation of which is the Tax Cuts and Jobs Act.
Efforts to pursue these pro-growth policies have led to a red-hot economy. According to the latest report from the Bureau of Labor Statistics, the nationwide unemployment rate dropped to the lowest level in 49 years: 3.7 percent. For Virginia, the rate is even lower, at 3 percent.
Moreover, job creation is competing with wage growth in a race to the top. Wages are growing at their fastest rate in a decade, and Virginians from Fairfax to Halifax are feeling the love. From the first quarter of 2017 to 2018, 11 of the 12 largest counties in Virginia saw increased wages, while Richmond’s average wage growth was among the top performing cities in the country.
These vibrant economic indicators are just the beginning. Projections show that over a four year period, the 2017 Tax Cuts and Jobs Act will be credited for creating almost 25,000 jobs in Virginia, while the average Virginia worker will realize a take-home pay increase of almost $25,000 over the next 10 years.
Recent polling conducted by the Job Creators Network and ScottRasmussen.com shows that Americans, regardless of political persuasion, are generally supportive of tax cuts and other less restrictive fiscal policies. Sixty-three percent of Democrats, 84 percent of Republicans, and nearly three out of every four independents support free markets and individual liberty.
Embracing individual freedom helps create a level playing field between Wall Street and Main Street. Virginia is home to over 700,000 small businesses, which employ almost half the state’s workforce. By cutting red tape and supporting job creation, tax cuts keep hard-earned revenues in the communities that created them.
Conversely, tax hikes allow for the federal government to expand, which in turn causes bureaucracy and bloat. Only 27 percent of all Americans want a larger role for the federal government. Even Democratic Governor Terry McAuliffe has admitted that Virginia needed to diversify its economic portfolio to decrease our reliance on the federal government, and has credited lower tax rates for attracting businesses.
Congress is working hard to lock in long-term economic growth. Last month the House passed what’s been dubbed “Tax Cuts 2.0” which would make the individual tax cuts (set to expire in 2025) permanent, and would expand tax breaks for start-ups.
These savings give folks freedom to choose how to create a better future for themselves and their families. The formula is simple: whatever it is you do, work hard, and you’ll be rewarded. That’s it. It was always your money; use it as you see fit.
Virginia is an incredibly diverse state, with diverse needs. Whether you’re a veteran in Hampton Roads, a doctor in Richmond, or a farmer in Roanoke, pro-growth policies will let you decide how best to spend your money.
John Sims is the owner of LeafSpring School which is based in Richmond, Virginia.There are currently no comments highlighted.