The Patriot Post® · Tuesday Opinion
Best of Right Opinion
- Rich Lowry: No, Michael Flynn Didn’t Violate the Logan Act
- Stephen Moore: Tax Plan Is a Cut for Everyone
- Cal Thomas: Starving the Beast
- Gary Bauer: How Deep Is the ‘Deep State’?
- James Shott: Some Very Odd Courtroom Occurrences
For more of today’s columns, visit Right Opinion.
Opinion in Brief
Stephen Moore: “[Cato scholar Chris Edwards] examined the impact of the tax bill on the average tax filer in every income group with an income above $40,000. He didn’t include people who make less than that because very few in that income range have any income tax liability — and you can’t cut taxes on people who don’t pay taxes. Edwards’ remarkable analysis showed that as family income levels go up, the percentage reduction in tax burden goes down: Lower-middle-class people — who make between $40,000 and $50,000 a year — will see a 46 percent reduction in taxes paid; people who make more than $1 million will see roughly a 7 percent reduction in taxes (again, the exact rate depends on what state they live in). By the way, the Left also leaves out another impact of the tax cut that helps the middle class: a higher stock market. Some 54 million Americans have 401(k) plans. At least another 40 million have IRAs or pension plans. Where do you think that money is invested? Americans should look at their 401(k) accounts right now. They are surging in value in anticipation of the tax cut. This has contributed to a surge of economic optimism and Christmas shopping and spending. You want to kill the economy — and Christmas? Follow Chuck Schumer and Nancy Pelosi’s advice and kill the tax cut. That’s not likely to happen. There is a high likelihood this tax cut will be enacted before Christmas. My friend Arthur Laffer says that he hopes taxes go up for everyone next year — because Americans are going to be making a lot more money as prosperity spreads to every state. Talk about a happy New Year.”