Original Article By Bruce Thompson At WashingtonExaminer.com:
On the fifth anniversary of the Republican tax cuts, the evidence is clear that working people and small businesses have benefited enormously.
Government data refutes the false claims by Resident Joe Biden and some in the media that the 2017 tax cuts only helped the wealthy and the big corporations. Instead, the Tax Cuts and Jobs Act overwhelmingly aided everyday people, provided significant tax relief to millions of Main Street businesses, and kept millions of jobs in the United States.
Rather than only helping the top 1%, as Biden repeatedly claims, the data show that most households saw a significant tax cut, with middle-income taxpayers receiving the biggest tax cuts. Real wages grew nearly 5% in the two years after the tax cuts, the fastest growth rate in 20 years. Real median income increased in 2019 by the largest amount in U.S. history. The unemployment rate fell to 3.5%, the lowest level in 50 years, and 300,000 more people were employed in 2020 before the pandemic than are employed today.
The tax cuts provided significant relief to small businesses and their employees. More than 23 million small businesses were helped by the bill’s lower individual and corporate tax rates, and they used their tax savings to boost investment, hire more workers, and raise employee wages. Finally, reducing the corporate tax rate from the highest in the world to a more competitive rate put U.S. businesses on a more level playing field globally.
Five years after the enactment of the tax cuts, there is no doubt that they have provided lower taxes and higher wages for everyday people. Democrats are wrong to criticize them.
