(CNSNews.com) - In his first State of the Union address, President Donald Trump touted the economic achievements made during his first year in office, including the creation of 2.4 million new jobs, a 45-year low in unemployment and the lowest unemployment rate ever recorded for African-Americans.
“Since the election, we have created 2.4 million new jobs, including 200,000 new jobs in manufacturing alone. After years of wage stagnation, we are finally seeing rising wages,” Trump said. “Unemployment claims have hit a 45-year low.
“African-American unemployment stands at the lowest rate ever recorded, and Hispanic American unemployment has also reached the lowest levels in history,” he said.
“Small business confidence is at an all-time high. The stock market has smashed one record after another, gaining $8 trillion in value. That is great news for Americans' 401k, retirement, pension, and college savings accounts,” the president added.
Trump said he also made good on his promise to enact “the biggest tax cuts and reforms in American history,” which has provided relief to the middle class and small businesses.
“To lower tax rates for hardworking Americans, we nearly doubled the standard deduction for everyone. Now, the first $24,000 earned by a married couple is completely tax-free. We also doubled the child tax credit. A typical family of four making $75,000 will see their tax bill reduced by $2,000 -- slashing their tax bill in half,” he said.
“This April will be the last time you ever file under the old broken system -- and millions of Americans will have more take-home pay starting next month,” the president said.
He also touted the repeal of the individual mandate of Obamacare.
“We eliminated an especially cruel tax that fell mostly on Americans making less than $50,000 a year -- forcing them to pay tremendous penalties simply because they could not afford government-ordered health plans. We repealed the core of disastrous Obamacare -- the individual mandate is now gone,” Trump said.
“We slashed the business tax rate from 35 percent all the way down to 21 percent, so American companies can compete and win against anyone in the world. These changes alone are estimated to increase average family income by more than $4,000. Small businesses have also received a massive tax cut, and can now deduct 20 percent of their business income,” he said.
Trump pointed out one of his guests - Corey Adams - a welder, who “plans to invest his tax cut raise into his new home and his two daughters’ education.”
Roughly 3 million workers have received bonuses because of the tax cut, “many of them thousands of dollars per worker,” the president noted. “Apple has just announced it plans to invest a total of $350 billion in America and hire another 20,000 workers.”
“This is our new American moment. There has never been a better time to start living the American Dream,” he said.