Under President Donald Trump, the economy has already seen record-low unemployment, a booming manufacturing sector, and an unexpectedly high economic growth.
But according to a new study from the Tax Foundation, the economy will likely get even better as Trump’s tax reform package spurs nearly 1.5 million new, full-time equivalent (FTE) jobs by 2025.
Tax reform is expected to add at least 215,000 jobs in 2018 and steadily increase until it reaches a cumulative 1,443,000 in 2025. That number will slightly fall, however, in 2026 (1,348,000) and 2027 (1,216,000).
See the job increases by state, below:
The Foundation also expected Trump’s tax reform would boost gross domestic product (GDP) and increase wages.
The news came as the nation saw a record number of employed in the United States. As IJR reported earlier, the July jobs report showed that 155,965,000 were employed among the non-institutionalized, civilian population.
Trump has repeatedly credited his tax and regulatory reform for the country’s economic success:
Tremendous investment by companies from all over the world being made in America. There has never been anything like it. Now Disney, J.P. Morgan Chase and many others. Massive Regulation Reduction and Tax Cuts are making us a powerhouse again. Long way to go! Jobs, Jobs, Jobs!
— Donald J. Trump (@realDonaldTrump) January 24, 2018
Although Trump’s critics have complained the tax package is a giveaway for the rich, it also prompted businesses to distribute greater benefits to their employees.