Booming economy in the U.S.? Thank tax cuts and fewer regulations

By all accounts, the U.S. economy is roaring.

In mid-May, weekly jobless claims totaled just 220,000 — their lowest levels since the early 1970s. The labor market has added jobs for 88 straight months through the end of April, marking one of the longest expansions in our history.

Washington, D.C.’s newfound support for job creators is the reason for our prosperity. Since Inauguration Day, President Trump has made it a priority to cut taxes, roll back regulations, and unleash the economic engine that is small business.

According to new research from the Small Business Administration, America is home to more than 30 million small businesses, employing nearly 60 million workers — half of the U.S. workforce. In fact, small businesses account for 99.9 percent of all U.S. businesses.

When these job creators are allowed to keep more of their hard-earned money and save time on regulatory compliance, they have more time and money for business expansion and job creation. To date, more than 540 U.S. employers have publicly announced pay raises, bonuses, and other employee benefits because of federal tax cuts. From Apple to Wal-Mart and hundreds of small businesses, these job creators have passed on their tax savings to more than five million Americans.

I’m one of them. As the president and CEO of Joseph’s Lite Cookies in Florida, I run a family owned, sugarfree cookie business. We bake more than 12 million sugarfree cookies a day, in addition to supplying other diabetic friendly products.

For years, I sent nearly 50 percent of my business income to the government — federal, state, and local. As the owner of a pass-through business, my income was taxed at the top federal rate of 39.6 percent before the state and local tax burden was even included.

Under the new tax code, I have more resources to share with the employees whose dedication makes our success possible. Because of federal tax cuts, I not only awarded four-figure raises to key employees, but also purchased new computer systems and created new product packaging for international expansion.

The reduction in burdensome regulations only makes my job easier. Since his inauguration, President Trump has slashed well over 1,500 planned regulatory actions. The Trump administration has repealed 22 regulations for each new rule issued, cutting regulatory costs by more than $8 billion.

And job creators are reaping the benefits. One-third of small business owners spend more than 80 hours a year meeting regulatory requirements. In their first year of operation, small business employers pay an average of $83,000 in regulatory costs just to remain compliant.

When I was starting my business from scratch, I spent countless early mornings and late nights complying with government regulations. Cutting red tape shifts our focus to where it should be: Creating jobs.

Let’s put our political differences aside, and celebrate the small businesses that make our economic boom possible.