The Patriot Post® · Tax Cuts Only Help the Wealthy, Right? American Paychecks Show Otherwise
Editor’s note: This piece is coauthored by Rep. Cathy McMorris Rodgers (R-WA).
Like you, we are seeing something wonderful and — until recently — unusual as we enter stores: taped to the front window or hanging behind the counter is a “Help Wanted” sign.
What a welcome change from previous summers! Every month this year has posted strong jobs reports, and the unemployment rate among minorities is now at an historic low. Just last month, another 213,000 jobs were added as businesses continued the longest-running job growth trend in our history.
Since Congress passed the Tax Cuts and Jobs Act in December, Uncle Sam has been demanding less from us in tax payments. And as a result, American families across the country are better off now because they are benefiting from bigger paychecks and more jobs.
This year alone, the average household in Washington State’s 5th District will see a tax cut of 13 percent and an increase in take-home pay of more than $17,000 over the next 10 years, according to a new study from The Heritage Foundation. President Donald Trump promised a tax cut for the middle class, and that’s just what Congress delivered.
Meanwhile, residents of New York’s 15th District, one of the lowest income districts in America, saw their income taxes cut by about 30 percent. Next time you hear someone say that Trump’s tax cut benefits only the wealthy, remind them of the folks in South Bronx who will see their 2018 tax bill cut by a third.
The benefits of tax reform are just getting started, and we want to keep that momentum going.
Each year the new tax law is in place, American workers and their families will reap larger rewards. More than 650 companies are using the tax cuts for employee bonuses, pay increases, charitable contributions, and new investments. For example, Premera Blue Cross announced it is dedicating $40 million to community reinvestment. Hope House — a women’s shelter in Eastern Washington — will receive $1 million to help more women find permanent homes, according to a recent story.
Opponents of this conservative pro-growth agenda are mounting a campaign to roll back the tax cuts and reverse the great economic growth we are now seeing. We cannot let this this happen.
Inland National Bank, a regional independent community bank in Spokane, Washington, is another great example. INB announced it has shared its tax savings with its employees by raising their base pay to $15 an hour and providing bonuses.
Stories like these are being told and retold all across America. In every state, businesses have passed the benefits of the tax cuts on to their employees. And in every single congressional district, taxpayers are seeing a tax cut.
For the first time in American history, there are more jobs available than people looking for them. Rather than sitting on the sidelines, more workers are eagerly looking for work — which is readily available. A majority of the uptick in new job seekers is fueled by women, individuals with disabilities, and minorities, looking for their first job or reentering the workforce after a poor economy pushed them out many years ago.
Opponents of this conservative pro-growth agenda are mounting a campaign to roll back the tax cuts and reverse the great economic growth we are now seeing. We cannot let this this happen. Americans are better off now than they were two years ago — the economy is booming again. Since some of the tax cuts passed by Congress last year are not permanent, they instead need to be extended and made permanent.
All Americans deserve to enjoy freedom, opportunity, and prosperity. And permanently extending the 2017 tax cuts is a vital step to ensure that they — as well as their children and grandchildren — are able to do exactly that.
Republished from The Heritage Foundation.