The 2017 tax cuts were a huge success, writes Bruce Thompson.
Government data refutes the false claims by Presidentand 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.that most households saw a significant tax cut, with middle-income taxpayers receiving the biggest tax cuts.
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. Bruce Thompson was a U.S. Senate aide, assistant secretary of Treasury for legislative affairs, and the director of government relations for Merrill Lynch for 22 years.
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