Choice is good.
https://www.realclearpolicy.com/art...tax_cuts_should_be_made_permanent_818102.html
As our nation faces the potential dual threat of stagnation and inflation, the Americans hit hardest are those who benefited most due to Trump’s tax cuts. By reducing the corporate tax rate from 35 percent to 21 percent, U.S. businesses and American workers were competitive again. Along with increasing investment in domestic plants and fully expensing equipment, we saw companies invest in workers instead of tax bills. It’s no surprise then that nearly 2 million workers entered or re-entered the workforce in 2018 alone — only 1 year after the tax cuts were enacted. These were the very same workers who had given up hope and left the labor force altogether during the slow recovery of the Obama years.
Instead of the government incentivizing workers to stay home by collecting federal money, workers were incentivized to get off the sidelines with the pro-work child tax credit expansion included in TCJA. This is in direct contrast to the Biden Administration’s recent proposal to strip any work requirements for this tax credit. By the end of 2019, a whopping three-quarters of those finding employment were joining the labor force from the sidelines. After years of stagnant wages, real wages increased 10 percent for blue-collar and middle-class workers.
Families were also able to keep more of their hard-earned money. The Trump tax cuts nearly doubled the standard deduction for individual income taxes, which along with deregulation, led to real median household income increase by $4,400 in 2019 alone. The bottom 10 percent of the wage distribution saw real wages increase by 8.4 percent from December 2017 to the end of 2019. The bottom 50 percent of wage earners also saw real wealth increase by a whopping 28.4 percent during the same timeframe. Juxtapose that with the 7 percent inflation rate crippling American families today. The average working American is now hit with an $855 inflation tax hike in 2021, with low-income families and fixed-income seniors suffering the most.
https://www.realclearpolicy.com/art...tax_cuts_should_be_made_permanent_818102.html
As our nation faces the potential dual threat of stagnation and inflation, the Americans hit hardest are those who benefited most due to Trump’s tax cuts. By reducing the corporate tax rate from 35 percent to 21 percent, U.S. businesses and American workers were competitive again. Along with increasing investment in domestic plants and fully expensing equipment, we saw companies invest in workers instead of tax bills. It’s no surprise then that nearly 2 million workers entered or re-entered the workforce in 2018 alone — only 1 year after the tax cuts were enacted. These were the very same workers who had given up hope and left the labor force altogether during the slow recovery of the Obama years.
Instead of the government incentivizing workers to stay home by collecting federal money, workers were incentivized to get off the sidelines with the pro-work child tax credit expansion included in TCJA. This is in direct contrast to the Biden Administration’s recent proposal to strip any work requirements for this tax credit. By the end of 2019, a whopping three-quarters of those finding employment were joining the labor force from the sidelines. After years of stagnant wages, real wages increased 10 percent for blue-collar and middle-class workers.
Families were also able to keep more of their hard-earned money. The Trump tax cuts nearly doubled the standard deduction for individual income taxes, which along with deregulation, led to real median household income increase by $4,400 in 2019 alone. The bottom 10 percent of the wage distribution saw real wages increase by 8.4 percent from December 2017 to the end of 2019. The bottom 50 percent of wage earners also saw real wealth increase by a whopping 28.4 percent during the same timeframe. Juxtapose that with the 7 percent inflation rate crippling American families today. The average working American is now hit with an $855 inflation tax hike in 2021, with low-income families and fixed-income seniors suffering the most.
