Posted on 01/11/2023 11:06:02 AM PST by SoConPubbie
On the fifth anniversary of the Republican
tax cuts, the evidence is clear that working people and small businesses have benefited enormously.
Government data refutes the false claims by President Joe Biden and some in the media that the 2017 tax cuts only helped the wealthy and the big corporations. Instead, the Tax Cuts and Jobs Act overwhelmingly aided everyday people, provided significant tax relief to millions of Main Street businesses, and kept millions of jobs in the United States.
Rather than only helping the top 1%, as Biden repeatedly claims, the data show that most households saw a significant tax cut, with middle-income taxpayers receiving the biggest tax cuts. Real wages grew nearly 5% in the two years after the tax cuts, the fastest growth rate in 20 years. Real median income increased in 2019 by the largest amount in U.S. history. The unemployment rate fell to 3.5%, the lowest level in 50 years, and 300,000 more people were employed in 2020 before the pandemic than are employed today.
The tax cuts provided significant relief to small businesses and their employees. More than 23 million small businesses were helped by the bill’s lower individual and corporate tax rates, and they used their tax savings to boost investment, hire more workers, and raise employee wages. Finally, reducing the corporate tax rate from the highest in the world to a more competitive rate put U.S. businesses on a more level playing field globally.
Five years after the enactment of the tax cuts, there is no doubt that they have provided lower taxes and higher wages for everyday people. Democrats are wrong to criticize them.
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Bruce Thompson was a U.S. Senate aide, assistant secretary of Treasury for legislative affairs, and the director of government relations for Merrill Lynch for 22 years.
This is GOPe silliness.
Tax increases and Tax cuts do not matter when you have $31T in accumulated debt with $24T of that off the Fed’s balance sheet. And with deficits forever proving that taxes define nothing.
The Fed creates money whimsically. Taxes, and also spending, are not definitive of Conservatism.
Conservatism is Build The Wall, Drain the Swamp, America First In All Things, Pro 2nd Amendment, Pro Life. Tax and spending policy is 20th century Swamp thought in a 21st century world.
... you are too silly for words. Try and sell your comment on tax cuts to all the American workers who got a raise and saw incomes increase! Yeah, good luck with that... ymmv
You could stop right there.
Tax cuts certainly do matter if you are an individual who gets one. Especially if you are not getting some other government cheese funded by all that deficit spending.
Inflation is an indirect and very sneaky government tax on savings. Reducing government spending is the only way to control it. Increased taxation merely raises the baseline for government spending.
It is a race between personal income and government-caused inflation. Over time, the government always wins. "Tax and Spend and Elect" is what keeps things going for a generation or three. The ending condition is an economic collapse which brings in a new government.
It doesn’t work that way. Workers who get one are a tiny minority of the electorate. At least half don’t pay taxes at all.
The spending comes from deficits and funded by the Fed via QE. Attempts currently underway, after 12 years, to shrink output of money rather than increase, but regardless, the money comes from nothingness.
The GOPe wants to wallow in tax policy because they dare not face what Drain the Swamp means.
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