VP Pence: Tax cuts are working in Michigan
When I visit Detroit today, I'll bring a message to the Motor City and to all of Michigan: The American economy is roaring back to life – and we’re just getting started.
Since Day One of our administration, President Trump has been fighting to rev the engine of American prosperity and restore hope to the forgotten men and women of America. His strong actions are exactly what I wanted from Washington, D.C., when I was governor of Indiana.
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. We’ve fought for trade deals that put American workers first, and unleashed the affordable American energy that fuels the Motor City. And as President Trump told the people of Michigan last year, under this White House, “the assault on the American auto industry is over.”
The results have been nothing short of remarkable.
Since our election, businesses large and small have created 2.5 million new jobs, including 58,000 here alone. Unemployment in Detroit has dropped by more than 10 percent. Construction jobs are at a 10-year high across the state. And when it comes to manufacturing – the beating heart of the Great Lakes State – Michigan has added nearly 6,000 good-paying manufacturing jobs since you helped deliver our historic victory.
But make no mistake about it: We’re only in first gear. Our economy will continue to pick up speed, because just over two months ago, with the strong support of Michigan’s Republican leaders in Congress, we passed the largest tax cuts and tax reform in American history.
We cut taxes for hardworking Americans. The first $24,000 in income for a married couple is now tax-free, the child tax credit is now twice as high, and 90 percent of working families will see more money in their paychecks. All told, we estimate the typical Michigan family of four will save an extra $2,300 this year alone.
We also cut taxes for job creators. Not only did we give small businesses significant tax relief, we cut the corporate tax rate from the highest in the developed world to below the average, so Michigan companies can compete and win, every time.
Thanks to our tax cut, businesses across the Wolverine State have already begun to invest more in American jobs and American workers. They’re also passing on the savings to consumers. More than 3.5 million Michiganians are set to spend nearly $400 million less on gas and electric bills thanks to our tax cut.
But some of the best news is coming from Michigan manufacturers. After our tax cut passed, Fiat Chrysler announced a $1 billion dollar investment and 2,500 new jobs in Warren as it moves production from Mexico to Michigan. They’ve also committed to give $2,000 tax-cut bonuses to their 60,000 employees. Many other Michigan companies have followed suit, with raises, bonuses, and better benefits.
All told, we expect the average worker in the Great Lakes State will see wages rise by $4,000 in the years ahead, as businesses continue to take action. And that money will be on top of the tax cuts that Michigan families are already seeing in each paycheck.
But President Trump and I aren’t content to coast. It’s time to hit the gas.
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 Michigan’s leaders in Congress to pass a historic infrastructure bill that will rebuild the Great Lakes State and pave the way for even more jobs and faster growth.
After the first year of our administration, President Trump and I have a message to Michigan: Thank you. Thank you for your standing with us and supporting our agenda. And thank you for proving that the best days for our nation are yet to come.
Mike Pence is vice president of the United States.