“The sky is falling,” cried Chicken Little. We witnessed other Chicken Little’s this past week or so. Nancy Pelosi, Chuck Schumer, and Elizabeth Warren were talking about the end of the world as we know it thanks to the new tax cuts.
“Armageddon and Crumbs!,” shouted Pelosi. “A giant giveaway to big corporations …,” stated Warren. “Republicans will rue the day,” announced Senator Schumer.
Those three will be smiling next year when their CPAs are pointing out the savings each will enjoy as a result of the tax reduction. Nancy and Elizabeth are multi-millionaires and Schumer has a net worth around $750,000 plus the value of his pricey home.
They talk about how the Republican plan is horrible for the middle-class and a boon to the wealthy who receive a great deal from the reduction. The wealthy pay the largest percentage of the taxes so they are logically going to see the greatest benefit. The government states that 45.3% of American workers pay no income tax at all. It’s reasonable that those 45.3% aren’t going to gain on the taxes they pay. However; they will see many pluses as a result.
Multiple corporations are granting $1,000 bonuses because of the tax reduction plan. Some corporations, such as Wal-Mart, have announced an increase across the nation to their employees in the payroll from $9 to $11 per hour - a 22% pay raise. That doesn’t sound like crumbs to me as it could reflect an increase in pay of more than $4,000 annually.
Jobs are being created because the companies can afford to build here and hire here. That raises everyone’s chances for higher wages because of the law of Supply and Demand. The expression, “Tides raise all boats.” fits this situation.
The $2.5 trillion in off-shore accounts will be coming back into the US on a one-time 15% tax rate. That alone generates $375 trillion. In taxes along with the added revenues that will come every year thereafter from jobs, capital gains, profits, dividends, other revenue streams. Liberals just don’t understand how Capitalism works.
They want people dependent on the government because they become slaves to the government. That plantation mentality then translates into votes for the people who give out the “free stuff”.
To the critics who shout that the middle class will be paying higher taxes in 10 years they leave off pertinent facts. One, that is because the tax law will sunset in ten years. It doesn’t mean it can’t be renewed. Secondly; if it went back to the higher taxes then the Liberals would jump for joy because we would be paying taxes at liberal’s high rates to fund their socialistic giveaways. I like spending my money and you spending your money as you choose.
Whilst people are attacking the president over his actions this past year I want to remind folks that Black unemployment is at a 17 year low, Mexican-American unemployment is at a 17 year low, the total unemployment rate is hovering around 4%, the economy is growing at a 3% rate (never happened under Obama) the Dow Jones was 18,259 on the day Trump defeated Hillary. One year later we are looking at a Dow Average of around 25,400 - a 29% increase.
Armageddon? If so, it’s fine with me. When the liberals start to see the dollars from the tax breaks they are welcome to give those dollars to the Bureau of Fiscal Services Department G P.O. Box 2188 Parkersburg, WV 26106-2188. It will go to reduce the national debt.
Liberals will feel better and the rest of us will happily spend our money.