President Trump and the GOP have gotten a lot of flak over the Tax Cuts and Jobs Act. However, as the plan begins to take effect, it seems the results are far better than many had ever expected.
In fact, some analysts have gone so far as to say that the outstanding outcome from this controversial bill will leave Democrat lawmakers regretting not having voted for it.
One of the most headline-grabbing aspects of the bill is that it has resulted in well over one hundred companies offering each worker a one-time, $1,000 bonus. AT&T, Comcast, Home Depot, JetBlue, Southwest Airlines, Wal-Mart and The Walt Disney Co. are just some of the many businesses that are rewarding their employees with a cash gift that millionaire Democrat lawmakers dismiss as “crumbs.”
However, it is the fact that numerous companies are offering their workers an ongoing increase in benefits and pay that is likely to have a positive impact on the economy — not just now, but for the foreseeable future.
Boeing is investing up to $100 million to provide its employees with workforce development, training and education programs while Walt Disney Co. is investing $125 million in higher education for its workforce. FedEx recently announced that it would invest up to $1.5 billion in the company’s pension plan for its retired employees. Fifth Third Bancorp, U.S. Bank, Starbucks and other companies have raised the minimum wage for all their workers up to $15 an hour. JPMorgan Chase has announced that it would raise wages for over 20,000 of its employees to anywhere from $15 to $18 per hour while FedEx has noted that it will invest up to $200 million to provide employees with wage increases. This money includes not just hourly wage increases but also performance-based incentives for the company’s workers.
Best of all, the corporate tax cut is giving companies an incentive to invest heavily in the United States economy, thus creating numerous high-paying jobs for people across the nation. Apple is planning to spend up to $30 in expenditures in the United States over the next five years. Comcast plans to spend up to $50 billion in the United States in the same time frame, noting that its infrastructure investments will create thousands of new jobs. Wells Fargo has set aside $100 million to boost small businesses while AT&T has stated that will invest an additional $1 billion in the United States in 2018 alone.
Furthermore, the tax plan puts money in the pockets of lower and middle class Americans. H&R Block recently analyzed tax returns for various lower, middle and higher-class workers for 2016 and found that low-income students would receive a higher tax refund than before while small business owners would receive a substantial tax cut. On the other hand, high-income individuals would not benefit all that much from the Tax Cuts and Jobs Act. This is particularly true of those who earn a lot of money in liberal states that tend to have a high state tax rate.
Given the fact that individuals can no longer deduct more than $10,000 of their state taxes from their Federal taxes, it is likely that high wage earners in many parts of the country will pay far more taxes than they did before the new tax bill became law. Naturally, many states with a high tax rate are looking for numerous ways to get around this requirement, but it remains to be seen if any of their proposals will actually stop the IRS from collecting the money that it believes to be its due.
It is hard to argue with the fact that the tax bill has done a lot of good for the average American citizen. Jobs are increasing, wages are on the rise, new training opportunities are available for those who want to increase their skills in the field of their choice and the tax bill for low and middle class Americans is going down.
While the Tax Cuts and Jobs Act is still subject to a great deal of criticism from those who don’t want to give President Trump and the GOP credit for doing anything, the fact remains that the bill is helping to boost the United States economy and will continue to help American workers and companies enjoy a prosperous market.
~ Conservative Zone