The American economy is stronger than ever six months after tax cuts

The American economy is stronger than ever six months after tax cuts
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Six months ago today, President TrumpDonald TrumpOvernight Defense & National Security — The Pentagon's deadly mistake Overnight Energy & Environment — Presented by Climate Power — Interior returns BLM HQ to Washington France pulls ambassadors to US, Australia in protest of submarine deal MORE signed into law the Tax Cuts and Jobs Act, the historic legislation that streamlined our tax code and offered much needed tax relief to the American people. Since passage of the bill, the once in a generation tax overhaul championed by President Trump and Republicans in Congress has already provided numerous benefits and an even brighter future for the American people.

Gone is the outdated system that took too much of our money, sent our jobs overseas, and stagnated our economy. Individuals are now seeing thousands of dollars in tax relief and bigger paychecks. Families are benefitting from a doubling of the standard deduction and child tax credit. Lower taxes on businesses of all sizes are stimulating our economy. Americans are feeling the effects of a reinvigorated economy.

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More than four million people are receiving bonuses, benefit increases, and higher wages from hundreds of companies, totaling some $4 billion back into the pockets of the working class. Companies like Apple, Comcast, Boeing, and Bank of America have given workers across the country bonuses, in addition to pledging new investments into our national economy. Many more small businesses have done the same in their communities by growing their operations and hiring more people.

Around 90 percent of Americans will see an increase in their paychecks as a result of the tax cuts. These benefits are not just showing up in higher net income. An estimated $1.6 billion has been donated to charities thanks to savings from tax reform. More than 80 million people will also see lower utility bills because of the tax bill. Americans are also no longer held hostage by the previous administration’s ObamaCare individual mandate, the impact of which was disproportionately felt by lower-income workers.

There is no denying the impact of the Tax Cuts and Jobs Act on the strong May jobs report, which showed nearly 3 million jobs added since President Trump took office, unemployment at the lowest rate since 2000 at 3.8 percent, and Hispanic and African American unemployment at their lowest levels on record. This momentum is sure to continue, but only if the Republican Party maintains control of Congress this year.

As we enjoy the booming American economy, we must remember that not a single Democrat in Congress voted for tax cuts for the middle class. Instead of supporting growth and prosperity, Democrats continue to dismiss the benefits. House Minority Leader Nancy PelosiNancy PelosiOn The Money — Presented by Wells Fargo — Pelosi plows full speed ahead on jam-packed agenda Jan. 6 committee taps former Bush administration official as top lawyer Ocasio-Cortez, Bush push to add expanded unemployment in .5T spending plan MORE (D-Calif.), one of the wealthiest members of Congress, warned that the tax bill was the “end of the world” and would bring “Armageddon.” As soon as Americans began to see pay raises and benefits, she dared to call those “crumbs.”

Other red state Democrats piled on. Sen. Tammy BaldwinTammy Suzanne BaldwinWarren, Daines introduce bill honoring 13 killed in Kabul attack This week: Democrats kick off chaotic fall with Biden's agenda at stake Bottom line MORE (D-Wis.) said the bill was a “giveaway to the wealthiest few,” while Sen. Sherrod BrownSherrod Campbell BrownAdvocates call on top Democrats for 0B in housing investments Democratic senators request probe into Amazon's treatment of pregnant employees Wyden releases new tax proposals as Democrats work on .5T bill MORE (D-Ohio) similarly said it was only “for the rich.” Sen. Claire McCaskillClaire Conner McCaskillRepublicans may regret restricting reproductive rights Sunday shows preview: States deal with fallout of Ida; Texas abortion law takes effect Giuliani to stump for Greitens in Missouri MORE (D-Mo.) called the widespread benefits of tax cuts mere “scraps.”

Higher wages, bonuses, increased benefits, and strong jobs numbers may be “crumbs” and “scraps” to out of touch Democrats, but they represent the promise of a better future for millions in the middle class, one that has felt out of reach to them for too many years. The American people will not forget that Democrats worked against them six months ago. They will not forget that the enthusiasm they feel in their communities will be extinguished if Republicans lose control of Congress.

After all, Democrats are doing all they can to remind the American people what their vision for the country is. Just last month, when asked if she meant to take away the tax cuts if Democrats regain control of the House, Pelosi unabashedly told a packed conference that was an “accurate” assessment of her goal. While millionaire Democrats like Pelosi may style themselves as vanguards of the middle class, after six months of economic progress thanks to the Tax Cut and Jobs Act, they remain as blindly committed as ever to depriving Americans of tax relief.

The choice in November is clear: We can move forward as a nation by removing barriers to growth and continuing to empower Americans who have been left behind by the economic policies of the last decade, or we can turn back to those policies that serve only to enrich the few at the expense of us all. Americans at every income level in every state will be better off because of tax reform. Democrats cannot be allowed to regain control of either chamber of Congress to ensure that progress continues.

Mattie Duppler is the senior fellow for fiscal policy at National Taxpayers Union. She is the president of the consulting firm Forward Strategies.