Posted on 02/13/2018 4:45:31 AM PST by RoosterRedux
Tax cuts are “Armageddon” and “the worst bill in the history of the United States Congress,” said House Minority Leader Nancy Pelosi (D-Calif.) in December. They’re “irresponsible, reckless, unjust, and just plain cruel,” said Sen. Cory Booker (D-N.J.).
“Republicans will rue the day they passed” tax cuts, said Senate Minority Leader Chuck Schumer (D-N.Y.). They’re “highway robbery,” said Sen. Bernie Sanders (I-Vt.) and “a heist” added Sen. Elizabeth Warren (D-Mass.).
Whoops. What a difference a couple of months make. The early returns are in and tax cuts are an unqualified success. Hundreds of major American companies, which collectively employ millions of Americans, have directed part of their tax savings to significantly raising worker pay.
Walmart, the nation’s biggest employer with 1.4 million U.S. employees, raised its minimum wage to $11 and gave up to $1,000 bonuses to its employees. It turns out tax cuts have done more for entry-level employees than the “Fight for $15” ever has. Paychecks this month are also bigger due to new IRS tax withholding tables taking effect.
According to the Tax Policy Center, the average earner will receive about $135 more a month, and more if they have kids. At the household budget level, this means cable, smartphone, or utility bills can be taken care of. For the broader economy, this means more than 100 million American workers keeping more of their money at home where it’s needed and sending less off to Washington, D.C., where it doesn’t stimulate local communities and Main Streets.
The latest jobs report suggests tax cuts have contributed to the current tight labor market that is generating the fastest average wage growth in nearly a decade. Some economists...are predicting 4 percent economic growth, levels mainstream economists, like Austan Goolsbee and Larry Summers, scoffed at mere months ago.
(Excerpt) Read more at breitbart.com ...
I approve of the tax cuts, but I would like to see real spending cuts too. Let’s eliminate a lot of frivolous programs and even good programs that cost too much. We’re in debt close to $20T; we cannot afford everything that’s “nice to have”.
Don’t actually shrink government. As much as I’d like to, that would produce a voting backlash where the lazy slugs on the left would actually all show up at the polls. Just set the growth rate to zero. Let the military, immigration enforcement, and other functions that the federal government should be involved in grow only with funding from dumb, wasteful, or unconstitutional programs that have been eliminated.
Trump is going to privatize anything that can be sold off.
Economics is as much about psychology as it is about numbers.
How confident are people that they will have a job next month, or next year becomes a factor in their spending habits.
President Trump projects confidence and people respond.
Trickle down economics work. When someone goes out and spends those extra dollars, the merchant benefits as well as the suppliers and their employees. Those extra dollars roll through a community making everyone’s day a little better.
Of course this is bad for the Democrats so they will try to stop it however they can.
While I appreciate my tax cut, without a corresponding reduction in spending, we’re just continuing to inflate the debt, already at 105% of GDP. The extra money in people’s pockets will accelerate the velocity, leading to inflation. Once out, putting that Genie back in the bottle is no easy feat.
“The Tax cuts are just plain cruel”
Some things this woman says is in a class by itself.
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