
On Friday, the nonpartisan Tax Foundation released state-by-state information highlighting how the Tax Cuts and Jobs Act will grow jobs and paychecks throughout the country.
The study found that, as a result of the Tax Cuts and Jobs Act, annual after-tax income for middle-income households would rise in every state and by $2,598 on average across the country. From an estimated increase of $2,932 in California, to a boost of $2,558 in Texas and $2,703 in New York, the Tax Foundation’s analysis shows that Americans from coast to coast will see their paychecks grow significantly in the long run as a result of this pro-growth legislation. Additionally, the study found that the Tax Cuts and Jobs Act would grow our economy by nearly 4 percent over the next decade, create jobs in every state, and deliver 975,000 full-time jobs nationwide.
Ways and Means Chairman Kevin Brady (R-TX) immediately praised the report:
“Our goal from the start has been about one thing – growth. This new data proves that the Tax Cuts and Jobs Act will provide a transformational tax cut for the first time in a generation. From my home state of Texas all the way to Hawaii, we will see more jobs and higher wages for hard-working families all across our country.”
Scott Hodge, President of the Tax Foundation, specifically highlighted the pro-growth impacts of the bill:
“[our] analysis found that the plan would significantly lower marginal tax rates and the cost of capital, which would lead to 3.9 percent higher GDP over the long term [and] 3.1 percent higher wages.”
READ the table below to see how our bill grows jobs and wages in your state and across America.
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CLICK HERE to learn more about the Tax Cuts and Jobs Act.