‘Bigger paychecks to all’
James Freeman in The Wall Street Journal
James Freeman writes in The Wall Street Journal that successful tax reform legislation “can be cherished for generations to come” once working people figure out what it means for their take-home pay.
“While markets are signaling U.S. resurgence, many people haven’t yet focused on the details of reform to see what’s in it for them,” Freeman writes. He cites Chris Edwards of the Cato Institute, who explains that under both the House and Senate tax plans, middle-income earners get a higher percentage cut than the wealthy. “Even the liberals at the Joint Committee on Taxation . . . have admitted that over the course of the next decade the plan would generate big tax reductions for middle-income taxpayers,” Freeman writes.
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The New York Times’ Jim Tankersley reports that House and Senate Republicans have reached a tax reform deal in principle, “keeping the party on track for final votes next week with the aim of delivering a bill to President Trump’s desk by Christmas.”
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Job Creators Network President Alfredo Ortiz argues in Real Clear Politics that the Republican tax bill is the “Christmas present Americans have been waiting for.” The key numbers? It eliminates the federal tax burden on the average family earning $59,000 a year, and it halves the tax bill for the average family earning $75,000.
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In The Hill, Paris Dennard writes about how the GOP tax plan will benefit black female entrepreneurs—who are estimated to own more than 2.2 million firms, employ nearly 400,000 workers, and generate $56 billion in revenues. “For black women entrepreneurs, Congress needs to work in a bipartisan fashion to give President Trump what he has been asking for on behalf of the American people: long overdue tax relief,” Dennard says.
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Also featured in The Hill, Katie Pavlich says President Trump has delivered on the economy more broadly, too. “This year, 138,000 manufacturing jobs have come roaring back after a loss of 34,000 in 2016,” she writes. “In November alone, 228,000 new jobs were created and unemployment is at a 17-year low.”
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