One of Donald Trump’s key achievements in his first four years of office was passing a massive tax cut which lowered the rates for 80+% of Americans. Despite that, Democrats have waged a relentless misinformation campaign purporting that the tax cuts only went to the rich and that the middle class were not helped. That’s objectively not true, but that hasn’t stopped the left from showing they apparently have no idea how tax returns work.
Enter this video from NowThis News, which shows a montage of people complaining that they got less money back on their return this year.
Reminder: Most Americans got smaller tax refunds in 2019, thanks to Trump pic.twitter.com/qTgezBqzR7
— NowThis (@nowthisnews) October 29, 2020
The level of ignorance here is stunning.
To even begin to explain how, we have to acknowledge how taxes and returns work. You see, normally, when the government takes more of your money per year, they end up taking too much for the tax bracket your average middle class person is in. That means that you get more money back in your return. But that’s not because you are now richer than you otherwise would have been. Taxes later given back on a tax return were an interest free loan you are gave to Uncle Sam. In any other context outside of government, we’d call it getting scammed.
In other words, a smaller return is a good thing. It means you kept more money overall and had the cash in hand much sooner.
The video immediately got smacked around by those sharing a dose of reality about the situation.
People are mad that the government took less of their money so there was less they needed to try and get back from them?
This is nonsense.
— Matt Whitlock (@mattdizwhitlock) October 29, 2020
Idiots. A tax "refund" is an interest free loan you gave government, you overpaid throughout the year. Lower rates, which they all got under Trump, means less was withheld, so they kept more in every check. Plus, they likely live in high tax states. Take it up with your governors https://t.co/CIZD97im30
— Derek Hunter (@derekahunter) October 29, 2020
Reminder: You get smaller refunds when you pay less in taxes throughout the year, which means you keep more of your money. Thank Trump, right?
— Physics Geek (@physicsgeek) October 29, 2020
The sad part is that so many Americans actually believe the nonsense being fed to them by the media on this topic. For years, we’ve seen a coordinated effort to convince people that them keeping more of their money is actually a bad thing. Of course, this is the same party that has managed to convince about half the country that top-down government lock downs are also a great thing. We certainly live in interesting times.
The truth is that the Trump tax cuts have not only helped the middle class, but they’ve led to an unprecedented economic boom. Just today, despite the crushing weight of the pandemic, we saw a 33.1% GDP growth, the largest in history by far. Great things have happened and great things are going to happen in the future if we don’t flush it all down the drain to make political actors feel better about themselves and their false narratives.
(Please follow me on Twitter! @bonchieredstate)