For all the carping Democrats do about the concept of shared prosperity in our economy, they sure do all they can to compromise it. Take, for example, the current tax reform package before the United States Congress; it is a pro-growth policy proposal for all American workers, yet Democrats are claiming that it is a “tax cut for the rich.” There is nothing new about Democrats, and John McCain, opposing tax cuts to stimulate our economy. It is as sure as death and taxes that liberals will denounce conservative efforts to free the economy, but the current proposal is certainly not a gift only to the wealthy.
By streamlining and simplifying the tax code, America can create millions of new jobs, improve the balance in people’s retirement accounts, and pay-down the national debt. Also, in spite of Chuck Schumer’s smear that the bill is “little more than an across-the-board tax cut for America’s millionaires and billionaires,” it actually expands the zero tax bracket to help lower income Americans. By doubling the standard deduction, which is the amount of individual income that is tax exempt, the Republican proposal provides the largest tax cut to lower and middle-income families in modern American history.
As South Carolina U.S. Senator Tim Scott said in hashtag, this bill is about helping all Americans “Keep Yo Money!” Aside from providing massive middle class tax relief, the proposal will reduce the corporate tax rate by 15%, from 35% down to 20%, which is critical to making American companies more competitive in the global economy. This will mean more manufacturing and other high paying jobs for American workers. This result of higher standard deductions, coupled with more jobs created through lower tax rates, will be a significant improvement in the median household income and the standard of living for the American people.
Democrats, predictably, will trash this bill as a gift to the rich, regardless of what it actually does. That is because they have a vested interest in maintaining a massively complicated tax code, which they can manipulate to favor their friends and pet causes (like tax credits for solar panels). Money is a proxy for freedom, so the more money controlled by individuals and private companies, the more freedom that will exist in our economy. The more money controlled by Washington, the more powerful the government. It is for this reason that Reagan’s quip during his own tax cut battle is so appropriate: “Republicans believe every day is the Fourth of July, but the democrats believe every day is April 15th.”
Let’s pray Republicans can finally win one for the sake of American workers and taxpayers.