Taxes

Trump's Signature Achievement Is a Win for America

The tax cut bill's passage has already begun to yield positive returns for American workers.

Thomas Gallatin · Dec. 21, 2017

President Donald Trump got his first-year signature achievement yesterday, and it is a huge win for the American people. Congressional Republicans passed the nation’s first major tax reform package in over 30 years, and almost immediately Americans began to witness the positive effects.

AT&T announced that it will be giving out $1,000 bonuses to more than 200,000 of its non-executive employees, as well as investing $1 billion into its U.S. networks. Several other corporations followed AT&T’s lead, with Wells Fargo and Fifth Third Bancorp pledging to raise their minimum wage to $15 an hour. Fifth Third also plans $1,000 bonuses to 13,500 employees. Comcast also jumped on the bonus bandwagon, announcing $1,000 bonuses to more than 100,000 employees. And Boeing said that it would be giving $300 million in charitable endeavors and company investments.

Americans can expect to see more of these good news stories as the real impact of tax reform is felt and as more companies respond to their corporate tax burden being reduced so drastically. Expressing his joy over Republicans’ tax reform passage, Trump said, “It is always a lot of fun when you win.” He added, “It’s the largest tax cut in the history of our country, and reform, but the tax cut — really something special.” That’s typical Trumpian exaggeration, but it’s still a great boon. And Vice President Mike Pence added to the jubilance, saying, “Merry Christmas, America. This will be remembered as a pivotal moment in the life of our nation. We made history today.”

Meanwhile, Democrat Grinches were bemoaning the bill’s passage — even as they struggled to express why they opposed a bill that lowers taxes and benefits the vast majority of Americans. As our own Mark Alexander explains, “Democrats frame tax reductions with ‘class warfare’ rhetoric. Their real objection is because reducing the amount of income they can seize and redistribute to their dependent constituencies undermines their statist power and agenda.”

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