Just before Christmas, we enacted massive tax cuts and tax reform for the American people. For the first time in 30 years, we reformed the tax code to make it simpler and fairer. We have lowered rates for both individuals and businesses, expanded 529 education savings accounts to be used for K-12 education, and doubled the child tax credit. These changes will not only allow Americans to keep more of their hard-earned money, but they will help make American workers and businesses competitive again. This sweeping reform also repealed Obamacare’s individual mandate – an unpopular, cruel, and burdensome tax that hit low- and middle-income Americans the hardest.
Over the year, as Americans have seen increases in their paychecks and retirement accounts, American companies in every sector have grown their business and created more jobs. I have created a more business-friendly environment by mandating, early on in my administration, that for every one regulation an agency proposed, two regulations must be eliminated. Many said that could not be done. Not only did we meet that goal, we far exceeded it, eliminating 22 regulatory actions for every new regulation.