On Tax Cuts, Americans Believe Results, Not Spin
On January 11, less than three weeks after President Donald J. Trump signed the most sweeping tax overhaul in American history, House Minority Leader Nancy Pelosi (D-CA) stuck to the Democrats’ party line. “The crumbs that they are giving to workers to kind of put the schmooze on is so pathetic,” Rep. Pelosi said.
She again referred to the benefits from business tax reform—more than 2 million U.S. workers have gotten a bonus or pay raise as a direct result of tax cuts—in terms of crumbs two weeks later at a town hall meeting in Florida. And as for what investments American companies would make as a result of lower business taxes? “I think it’s insignificant,” Rep. Pelosi said last month.
Those comments haven’t aged well: It took less than two months for the results from tax reform to drown out the political spin.
According to new New York Times poll conducted by SurveyMonkey in early February, a majority of Americans now approve of the tax law signed by President Trump in December. There is little mystery as to why. As of February 21, no fewer than 400 companies have announced worker bonuses, raises, or 401(k) boosts as a result of tax cuts, according to the nonprofit Americans for Tax Reform.
A few examples: Walmart raised its minimum wage to $11 an hour and issued bonuses of up to $1,000. Fiat Chrysler issued $2,000 bonuses, and Southwest Airlines donated $5 million to charity on top of $1,000 bonuses for its workers.
Note that none of this happened because of mandates from Washington. The real power of tax reform is that it lets Americans choose what is most important for their businesses—or their families—to get ahead. For some companies, that means bonuses. For others, such as H&K Equipment in Pennsylvania, it means millions of dollars in capital investment to grow a business.
What does that all add up to? The Council of Economic Advisers estimates the impact of tax reform could be more than $4,000 annually for the average American family—and that only accounts for reforms on the business tax side.
This month’s New York Times poll is no outlier. Other surveys indicate that tax cuts are driving optimism throughout the economy. The Small Business Confidence Index, produced by CNBC and SurveyMonkey, hit a new high this month in its first survey since President Trump signed the Tax Cuts and Jobs Act in December.
Democrats are taking notice. “Pelosi takes to the road to tamp down growing enthusiasm for Trump tax cuts,” the San Francisco Chronicle reported this week. To their credit, a few top Democrats have broken rank. “I would not describe it as crumbs,” Democratic National Committee Vice Chairman Rep. Keith Ellison (D-MN) told Business Insider last week regarding Rep. Pelosi’s comments.
Indeed, the party’s liberal wing may soon find itself isolated on its anti–tax cuts message. “I wouldn’t say a couple thousand dollars a year is ‘crumbs,’” Rep. John Yarmuth (D-KY) said.
As the results from tax reform continue to pour in, watch for more Democratic legislators to acknowledge the importance of tax relief for their working- and middle-class constituents.
Jon Cohen, chief research officer for SurveyMonkey, summed it up briskly for The New York Times: “Public opinion is moving in the direction of this bill.”
Shared from Whitehouse.gov
And yet the democrats voted against us getting our crumbs!
I have never dreamed our country would see such taudrey, nonsensical cheap shot, self serving political tripe. I support the republican side as the less of the two evils. I hate to our rights bantered about as a ball game. These
supposedly inalienable rights seem to have lost their inalienabity via the political rapor bantered about with the cheap political and press banter.
This banter has destroyed our rights
and embarrassed our country in th eyes of the world.
Plant our feet on the founding fathers
principles and pull together to reestablish the principles that our country was founded upon.
It will take a generation to repair the damage this dummy and his pathetic puppets to repair the damage they have done not only to our country but to their own Republican Party as well.
The left is living up to the name “LOONEY LEFT”.
It is not all spin. My wife, a teacher in a faith based school for more than 20 years is losing $114 per year due to this “tax cut”. Many of us will not benefit from this reform.
God blessPresident Trump. Through his leadership everyone wins. America wins. It really makes you feel good. I haven’t smiled all over in 8 years. Thank you President Trump
Well done, Mr. President!
Wonderful job Mr.President-GO GET THEM
Wonderful job Mr.President our fore fathers would be so proud.
Wonderful job Mr.President
God Bless YOU Mr. President! If you add in the obumercare mandates you have waived, the amount of money in Americans’ pockets is an astounding number!!
Trump is the best thing to happen to African-Americans since the abolition of slavery! The Democrats would have you lose your jobs to illegal aliens and are still supporting “Anchor Babies” over Merit Based Immigration. If you have a Democrat in your district who is telling you the tax changes are not beneficial VOTE THEM OUT. They are lying to you.
Well, just hope the left wing loons keep palozi in power. She is the gift that keeps on giving to conservatives
I agree with you completely …. hopefully no conservative will run against her …. we need her to remind the American voter who the Democrats are!
The Tax cut is GREAT for America
She has the intelegence of a (monkey) i’m Sorry I did not intend to insult the monkey!!
Keep going Mr President.lets get that wall next.
Ps. I don’t think a law that makes it illegal for 18 year olds to purchase a long gun is the right thing. I got my first long tip UN when I was ten. I didn’t ,haven’t and wouldn’t shoot anyone. I nwas in the military USAF, honorably discharged. Never shot anyone. Consider that if 18 is to young to own and be responsible with a long gun then our age to join the military will need to change as well. Only old guys 21 and up will be able to be in our armed forces! All I ask is to think it through before signing off on any reactionary new friggin gun laws. We have plenty as it is. Look at the jerk sherif first, it was his inaction and corrupt policy that created the environment for that stupid kid to become a killer.