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Happy Tax Cut Day from President Trump!
April 15 is a date Americans often dread. But this year, as millions of families finished filing their taxes, most were in for a pleasant surprise: a much lower bill from Uncle Sam.
Today marks the first “Tax Day” under President Donald J. Trump’s new, simplified tax code. “When government loosens its grip, there is no summit we cannot reach,” the President said before the Tax Cuts and Jobs Act passed into law in 2017. He promised that historic tax cuts would “breathe new life into the American economy.”
He was right. Here are some of the big wins for working families under the new code:
- A doubled Child Tax Credit—from $1,000 to $2,000 per child
- A nearly doubled Standard Deduction
- More than $2,000 in savings for an average family of four earning $75,000
- $5.5 trillion in total tax cuts, nearly 60 percent of which goes to families
Just as important, President Trump fixed the business tax code to put American companies—and our workers—on a level playing field with the rest of the world. In addition to lowering our sky-high statutory corporate tax rate, the Tax Cuts and Jobs Act also allowed businesses to immediately deduct expenses to invest in growing their companies.
America is open for business again as a result of those reforms:
- Real GDP growth hit 3 percent recently for the first time since 2005
- Half a trillion dollars in investment poured back into the U.S. in 2018 alone
- For the first time ever, there are more job openings than unemployed workers
- Small business optimism soared to a record high in 2018
The middle class is thriving thanks to President Trump’s tax cuts.
More: How tax reform is helping American families get ahead |
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A few of the best tax cut myths
Congressional Democrats have had a rough year in making predictions, to say the least. Fortunately, when it comes to tax cuts, there’s plenty of real evidence to counter the political spin and deception being thrown at President Trump.
Here are just a few of the best examples:
- “This is Armageddon,” then-House Minority Leady Nancy Pelosi (D-CA) said on the tax cut bill. “It is the end of the world.” Fact check: We’re all still here.
- Senate Minority Leader Chuck Schumer (D-NY) claimed that “what has been sold as a job creator and wage booster will, of course, do little of either.” In the first 3 months of 2018, nominal hourly pay for workers grew at its fastest rate in at least a decade.
- Clinton Administration economist Larry Summers boldly proclaimed that about 10,000 people would die every year from tax reform if passed into law.
One after another, Democrats lined up to make increasingly unhinged claims about something as simple as reforming America’s tax code. None of it was grounded in fact; all of it was built on hysteria. But once again, President Trump challenged the do-nothing status quo of Washington, and once again, his promises proved to be exactly right.
“The vast majority of people did get a tax cut,” tax expert Nathan Rigney told The New York Times this week. That’s actually been clear all along, he said—“just now we have real data to back that up.”
Rep. Kevin Brady: Democrats, as usual, were wrong on Trump’s tax cuts |
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This afternoon, President Trump visited with small business owners in Minnesota to discuss the impact of tax cuts on their companies. “Today I am proud to announce . . . that we'll be offering 401(k)s to all of our employees tomorrow,” said Carlos Gazitua, president of Sergio’s Family Restaurants.
“We are doing what the tax cuts were meant to do as a small business to compete against big business: invest in our people, invest in growth.” |
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