As we speak, Congress is working on “Tax Cuts 2.0,” which would make many of the reforms in the Tax Cuts and Jobs Act (TCJA) permanent, and extend tax relief to millions more Americans.
But, the recent tax cuts are never without their enemies, many of whom populate the hallways of liberal newsrooms across the country. The left-leaning mainstream media continues to spread misinformation about tax reform, in an attempt to undermine its reforms in the public eye and kill the second round of tax cuts.
Recently, the New York Times’ editorial board—the same editorial board that openly lobbied against the TJCA’s passage—ran yet another politically charged editorial: “You Know Who the Tax Cuts Helped? Rich People.” At the outset, the editorial describes the TCJA—the most substantive tax relief package since Ronald Reagan was in the White House—as a “massive tax cut for corporations and wealthy families.” It proceeds to claim “the idea that the tax cuts were going to line workers’ pockets was always a mirage,” before denouncing tax relief as a budget-buster.
But the Times certainly isn’t alone. Vox, the left-wing news outlet, recently published the following headline: “Of course the tax cuts are good for the banks.” The TCJA, Vox’s Emily Stewart argues, “heavily benefits the wealthy and corporations,” leaving low- and middle-income Americans in the dust.
The liberal media’s talking points fly in the face of reality. Whether you support the Trump administration or not, tax cuts are undoubtedly helping Americans across the spectrum. Unemployment is down to its lowest level in decades. In each of the 18 counties I represent, unemployment rates have decreased by at least 30% since January of 2017. And, more than half of small businesses have plans to expand, boost hiring, or increase employee benefits.
I’ve heard directly from many of those I represent that they are benefiting directly from keeping more of their own money. I’ve visited small businesses that gave bonuses to their employees. I had a gentleman stop in to my office to say thank you – he’s using the extra money in his check every month to make his car payment.
Do they qualify as large “corporations” or “wealthy” hedge fund managers? Has the Times’ editorial board forgotten its newspaper’s own reporting?
Don’t believe me? It wasn’t so long ago that the New York Times itself said so. In February, two of the Times’ economic reporters analyzed the impact of the TCJA, particularly among middle-class Americans. From that analysis they concluded, “Most American voters view tax cuts favorably because they are positively affecting their bottom lines”. (Is there a cite for this) In other words, the Times’ own analysis in February directly contradicts the Times’ most recently published editorial.
The two reporters interviewed Erin Parker, a high school teacher in Texas, who admitted the TCJA would “help the technology start-up where her husband works.” They also reached out to Gina Coats, a project manager at a Missouri plumbing company, who told them her take-home income is now significantly higher than before.
Colleen Doering, a small business owner in Florida, claimed she and her husband are “paying several hundred dollars a month less in taxes because of the new law.” Because of it, they recently decided to spend $10,000 on a landscaping project and plan a much-needed vacation.
Had they talked to folks in Eastern and Southeastern Ohio, they would have heard similar stories.
Even the Times’ reporters acknowledged the “series of high-profile company announcements of bonuses, raises, or other benefits attributed to tax savings.” Most importantly, they concede “Americans [will] see lower taxes reflected in their paychecks.”
On both counts, they’re right—but, there’s more. To date, more than 710 U.S. employers (that are known) have distributed pay raises, bonuses, and other generous employee benefits because of federal tax cuts. From Apple and Wal-Mart to hundreds of small businesses in Ohio and nationwide, employers are using their tax savings to reward workers.
Even those who haven’t been rewarded with a bonus can look forward to larger paychecks. Due to the TCJA, an estimated 90 percent of wage earners are now blessed with greater take-home pay…the “crumbs” as Nancy Pelosi referred to them.
This isn’t the top one percent. This is the overwhelming majority of working Americans. The New York Times can admit it or not, but we’d be foolish not to pursue a second round of tax relief, given the resounding success of its predecessor.
Those telling you otherwise are nothing more than the purveyors of “fake news.”
Bill Johnson represents Ohio’s sixth congressional district.