Once upon a December (2017), Democrats said that tax reform would end the world. Surely, this legislation was waging war on women and Americans with disabilities; it was going to ruin the middle class and bring a swift end to life as we know it; it was literally going to spark the end times… Or so they said.
Despite Democrats’ desperate attempts to keep this fearmongering message alive, everyday Americans are seeing and feeling a different reality.
Here’s a quick breakdown of how America is benefitting from the Tax Cuts & Jobs Act…
A Booming Economy
Our economy is thriving right now. Business investments are strong, wages are growing, disposable income is climbing — all thanks to tax reform. Our national unemployment rate is at its lowest levels since the Clinton administration (3.9 percent) which is expected to lead to even more pay bumps for workers. Optimism about the availability of good jobs has reached its highest percentage in 17 years. Not to mention, the CBO recorded that April was the “best month in history” for the U.S. budget with a surplus of $218 billion.
Despite the gloom and doom talk coming from our colleagues across the aisle, people are confident in the state of the U.S. economy. In fact, according to the Pew Research Center, “Americans’ views of national economic conditions continue to improve, with the share saying the economy is in good or excellent condition now at its highest point in nearly two decades.”
To put this in a more tangible perspective, our booming economy and high consumer confidence levels actually led to record-high air travel this past spring in the U.S.. Yep, more people went on vacation thanks to our economy — that’s how good we’re doing right now.
Small Business Confidence
One of the primary components of the Tax Cuts & Jobs Act was its focus on delivering tax relief to Main Street job creators, AKA small businesses. And that’s exactly what is happening
Optimism among small businesses is also at record high levels, and hourly wages for small business workers grew at its highest rate in two years. Just last week, the Bank of America reported that 58 percent of small business owners said tax reform has been a “game-changer for small business overall,” and 63 percent said the new tax law makes them more optimistic about their business outlooks.
But wait…there’s still more…
Relief for Working Families
Families are feeling some major relief thanks to tax reform.
Did you hear about the more than 500 businesses passing down tax savings to their workers? These have come in forms of bonuses, pay raises, expanded benefits, even tuition and adoption assistance. Not to mention, utility companies in 48 states have promised to pass down their tax cuts in the form of benefits and savings for their customers. That’s a lot for just the first five months of the new tax code.
In addition to what businesses are offering, the Department of Treasury reported that 9 out of 10 Americans will see higher paychecks because of the new tax cuts. The truth is, thanks to a nearly doubled standard deduction, expanded child tax credits, and lower tax rates, working families are finally feeling some relief. And they’re not the only ones.
Empowering Minority Populations
You know how we said that the unemployment rate is the lowest it’s been in nearly 20 years? Well, get this: in April 2018, the unemployment rate for black and hispanic Americans hit its lowest point on record — 6.6 percent. Although a racial gap still exists, we need to stop and recognize that this is a major milestone in our nation.
Tax reform is also empowering women and Americans with disabilities. Women, who own 9.4 million business in America (3 million of which are owned by women of color) are feeling the effects of lower corporate tax rates and the freedom of being able to write off the full cost of new equipment.
Additionally, Americans with disabilities now have more opportunities to explore the workforce thanks to the ABLE provisions included in the new tax law.
All in all, the Tax Cuts & Jobs Act has not sparked Armageddon. It has not hurt the middle class. It has not waged a war on minorities. In fact, people across the nation are feeling the real, positive effects of this commonsense legislation. Whether it’s in your paycheck, your benefits package, your utility bills, or in the job hunt, tax reform is having a real, tangible impact on the lives of everyday Americans.
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