President Trump boasts rising wages, massive tax cuts

In his first State of the Union speech, Trump touts that recent tax reform can help more people live the American dream.
9:52 | 01/31/18

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Transcript for President Trump boasts rising wages, massive tax cuts
Since the election. We have created 2.4. Million new jobs. In. Including 200000. New jobs in manufacturing. Alone. After years and years of wage stagnation. We are finally seeing rising wages. Yeah. Unemployment claims. Have hit. A 45. Year low. It's something I'm very proud of African American unemployment stands at the lowest rate ever recorded. And and Hispanic American unemployment has also reached the lowest levels in history. I. All business confidence is at an all time. The stock market has smashed one record after an. Gaining eight trillion dollars and more in value in just this short period of time. The great news or. Great news. For Americans. 401K. Retirement pension and college savings accounts. Have gone through the roof. And just as I promised the American people. From this podium eleven months ago. We enacted the biggest tax cuts. And reforms. In American history. Or am. I. I. And I. The it. How are massive tax cuts provide tremendous relief for the middle class and small business. To lower tax rates. For hardworking Americans. We nearly doubled. The standard deduction for every one. Now the first 24000. Dollars earned by a married couple. He's completely. Tax free. We also doubled. He child tax credit. Typical family of four making 75000. Dollars we'll see their tax bill reduced. I 2000 dollars slashing. Their tax bill in hand. They've grown. This will be the last time. You'll ever fly. Under the old and very broken system. And millions of Americans will have more take home pay starting next month have a lot. It. We eliminated and especially. Cruel tax. And sell mostly on Americans. Making less than 50000 dollars a year forcing them to pay tremendous penalties simply because they couldn't afford. Government ordered health plan. We repeal. The car. Of the disastrous. Fall comic and the individual. Mandate is now gotten. The okay. We slashed. The business tax rate. From 35%. All the way down to 21%. So American companies can compete and win against anyone else anywhere in the world. I. These changes alone are estimated to increase average family income. By more than 4000. Dollars. A lot of money. Small businesses have also received a massive tax cut and can now deduct 20%. Of their business income. He had to unite our Steve Stout. And Sandi kept winner of stout manufacturing a small. Beautiful business in Ohio. They've just finished the best year in the a twenty year history. Because of tax reform. They are handing out raises hiring an additional fourteen people and expanding. Into the building next door. Could feel. It. Lot of stabs employees. Corey Adams is also witnessed tonight. Chlorine. Is an all American worker. He supported himself through high school losses job during the 2008. Recession. And was later hired by stout. Where he trained to become a welder. Like many hardworking Americans. Glory plans to invest his tax cut rays into his new home and his two daughters education. Glory please stand. And he's a great welcome. I was told that by the man that owns that company that's doing so well so congratulations Couri. Since we passed tax cuts roughly three million workers have already gotten tax cut. Bonuses many of them thousands and thousands of dollars per worker and it's getting more every month. Every week. Apple has just announced it plans to invest a total of 350. Billion dollars in America. And hire another 20000. Workers. And just a little while ago ExxonMobil. Announced a fifty billion dollar investment in the United States just a little. This in fact is our new American moment. There has never been a better time to start living the American dream. So to every citizen watching at home tonight. No matter where you've been or where you've come from. This is your time. If you were card. If you believe in yourself. If you believe in America. And you can dream anything. You can be anything. And you get there we can achieve absolutely. Anything. M. I.

This transcript has been automatically generated and may not be 100% accurate.

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