Americans Are Loving The Trump Tax Cuts

Americans Across The Country Have Praised President Trump's Tax Cuts As They Have Continued To Experience The Positive Benefits

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The Facts:

THE TAX CUTS AND JOBS ACT CONTINUES TO WORK FOR EVERYDAY AMERICANS, AS IT HAS BOOSTED JOB GROWTH AND HAS LED TO A STRONGER ECONOMY

• White House Council of Economic Advisors: "Altogether, real disposable personal income per household has risen by about $6,000 since TCJA was signed into law."
• Derek Silva, a finance expert, said that the repeal of Obamacare's individual mandate in President Trump's tax plan has saved people hundreds of dollars on their taxes each year.
• Andy Puzder, Senior Fellow at the Pepperdine University School of Public Policy: "We are all paying less to the federal government because President Trump understands both how to grow our economy and maximize the tax revenue required" without overburdening American families and small business .
• " Millions of Americans have seen an increase in wages, bonuses, and benefits for their families ."
• Tom Giovanetti, President of The Institute For Policy Analysis: Federal revenue has increased due to the Tax Cuts and Jobs Act .
• The Tax Cuts and Jobs Act has worked , as GDP, personal incomes, and jobs creation has grown, which has primarily benefitted middle-income earners.
• Tax Policy Center: The TCJA has provided tax cuts to most households, which has influenced the economy by raising demand for goods and services.

THE TAX CUTS AND JOBS ACT HAS MADE A REAL POSITIVE IMPACT ON THE SMALL BUSINESS COMMUNITY

• The TCJA has been a win for small business owners .
• Small business owners will be able to deduct up to 20% of their qualified business income under the TCJA.
• The TCJA allows full and immediate expensing of short-lived capital investments for five years , and increases Section 179, which allows businesses to deduct the full cost of capital assets from $500,000 to $1 million.
• The new deduction will provide small businesses with an increase in their write off ability which will help them purchase new vehicles and equipment.
• The Washington Post : The TJCA will lower taxes for the majority of Americans, and small businesses .
• National Federation of Independent Business, the largest small business association in the U.S., said that two out of three of their members said that their tax liability has gone down since TJCA has passed.
• A Gallup survey released in February 2020, found that 69% reported that their business have benefited from the 2017 tax reform law .
• A.J. Gross, President of ALG Tax Solutions, said " the 20% deduction is a game-changer ," and "it's a huge win" for small businesses.
• Lana Pol, a small business owner in Iowa, said she has enjoyed her " big savings under the new tax law, " as she has seen a drop in her overall tax burden "thank to the qualified business deduction."
• Pol said she was able to purchase new semitrailers with the new expense write off.
• Kathy Peterson, a small business owner in Kansas, said that the TJCA deduction has been helping her business grow and save money .

LEADERS HAVE PRAISED THE TAX CUTS AND JOBS ACT, AS IT HAS HAD GREAT BENEFITS TO THEIR LOCAL COMMUNITIES

• Governor Brian P. Kemp (R-GA): " Thanks to the Tax Cuts and Jobs Act, opportunity zones are making a positive impact here in Georgia ."
• Governor Gavin Newsom (D-CA) applauded President Trump's opportunity zone program that was included in the tax cuts and jobs act, as it will revitalize low income areas in California.
• Congressman Jodey Arrington (R-TX) praised the Tax Cuts and Jobs Act as it has " led to historic low employment and the best economy in modern history ."
• Congressman Tom Reed (R-NY) praised opportunity zones as the 514 opportunity zones in New York have created new jobs and " home values have helped generate $25 billion in new wealth for those residents since the tax cuts ."
• Congresswoman Kathleen Rice (D-NY) said that she supports opportunity zones as they can spur economic growth to her congressional district.
• Congressman Adriano Espaillat (D-NY), praised the opportunity zones that were created through the Tax Cuts and Jobs Act , as it will benefit his diverse community and provide economic investments to his constituents.

 

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THE TAX CUTS AND JOBS ACT CONTINUES TO WORK FOR EVERYDAY AMERICANS, AS IT HAS BOOSTED JOB GROWTH AND HAS LED TO A STRONGER ECONOMY

Experts Say That American's Have Reaped The Benefits Of The Tax Cuts And Jobs Act, As Many Have Saved Hundreds Of Dollars On Their Taxes Since The Bill Was Passed In 2017

Market Watch: There Is Evidence That The Tax Cuts And Jobs Act Gave The Economy A "Jolt" And Lead To More Job Creation. "There is some evidence suggesting that the TCJA may have given a jolt to the economy and led to more job creation. The TCJA cut the maximum corporate federal income tax rate from 35% to 21% and greatly expanded first-year depreciation write-offs for business equipment additions." ( Market Watch , 2/28/20)

• "Most Young Lower-Income And Middle-Income Families With Kids Probably Come Out Ahead." "Most young lower-income and middle-income families with kids probably come out ahead under the TCJA, because the child tax credit was increased from $1,000 to $2,000, and standard deductions were almost doubled. Tax rates for these folks were lowered too." ( Market Watch , 2/28/20)

White House Council Of Economic Advisors: "Altogether, Real Disposable Personal Income Per Household Has Risen By About $6,000 Since TCJA Was Signed Into Law." "Altogether, real disposable personal income per household has risen by about $6,000 since TCJA was signed into law.'" ( White House , 12/20/19)

Derek Silva, A Finance Expert, Said That The Repeal Of Obamacare's Individual Mandate In President Trump's Tax Plan Has Saved People Hundreds Of Dollars On Their Taxes Each Year. "President Trump's tax plan repealed the individual mandate starting in 2018. The repeal of Obamacare's individual mandate saved taxpayers $3.7 million in taxes. The penalty affected 4.7 million taxpayers in 2017 - primarily for taxpayers with adjusted gross income between $5,000 and $15,000 - and it cost an average of $788 per taxpayer. Presumably, repealing the individual mandate saved people hundreds of dollars on their taxes." ( Policy Genius , 3/3/20)

Andy Puzder, Senior Fellow at the Pepperdine University School of Public Policy: "We Are All Paying Less To The Federal Government Because President Trump Understands Both How To Grow Our Economy And Maximize The Tax Revenue Required" Without Overburdening American Families And Small Business. "As we file our tax returns, it's good to keep in mind that we are all paying less to the federal government because President Trump understands both how to grow our economy and maximize the tax revenue required for government to function -- without overburdening either American families or small businesses. It's also a good time to keep in mind that there may be no starker contrast between Democratic presumptive nominee Joe Biden and President Trump than on tax policy." ( Fox Business , 7/15/20)

• "Millions Of Americans Have Seen An Increase In Wages, Bonuses, And Benefits For Their Families." "In December 2017, he signed the Tax Cuts and Jobs Act (TCJA), cutting taxes for every tax-paying American. It was the largest tax cut in US history. Millions of Americans saw increased wages, bonuses, and benefits for their families because of this historic tax reform." ( Fox Business , 7/15/20)

Tom Giovanetti, President Of The Institute For Policy Analysis: Federal Revenue Has Increased Due To The Tax Cuts And Jobs Act, And Has Continued Before The Coronavirus Pandemic. "Despite the enormous tax cut, federal revenue increased by $10 billion in 2018, by $130 billion in 2019, and was projected to grow by even more in 2020 before the Covid-19 pandemic and its economic effects. It's true that the federal budget deficit has also increased, but that is because federal spending has increased faster than revenue has. That's the fault of Congress, not the tax cut." ( The Washington Times , 6/17/20)

• The Tax Cuts And Jobs Act Has Worked, As GDP, Personal Incomes, And Jobs Creation Has Grown, Which Has Primarily Benefitted Middle- Income Earners. "So did the Trump tax cuts work? Yes-GDP growth increased, which led to significantly increased personal incomes and job creation. And the individual tax cuts primarily benefitted middle-income earners rather than the wealthy." ( The Washington Times , 6/17/20)

Tax Policy Center: The TCJA Has Provided Tax Cuts To Most Households, Which Has Influenced The Economy By Raising Demand For Goods And Services. "So far the TCJA has likely influenced the economy primarily by raising demand for goods and services. Cuts to individual income taxes mean that most households have more after-tax income, which they are likely to spend. In addition, provisions such as allowing the expensing of some capital investment may have increased investment spending by firms. As businesses see more of their goods being purchased, they respond by ramping up production, boosting economic output." ( Tax Policy Center , 5/28/20)

THE TAX CUTS AND JOBS ACT HAS MADE A REAL POSITIVE IMPACT ON THE SMALL BUSINESS COMMUNITY

The Tax Cuts And Jobs Act Has Been Called A Win For Small Businesses, As They Receive Many Benefits From The New Tax Code

Reports Have Found That The TCJA Has Been A Win For Small Business Owners As They Are Seeing Larger Returns. " Although the passage of this act was seen as a win for small business owners, we are finally seeing its effects. Initial reports suggest that small business owners are indeed seeing larger returns, despite the average taxpayer generally receiving a smaller refund since less money was withheld from their pay." ( Business News Daily , 12/19/19)

The Washington Post : The TJCA Will Lower Taxes For The Majority Of Americans, And Small Businesses. "The bill also lowers taxes for the vast majority of Americans, as well as small-business owners - at least until the cuts expire after eight years." ( The Washington Post , 12/15/17)

Small Business Owners Will Be Able To Deduct up To 20% Of Their Qualified Business Income Under The TJCA. "The tax overhaul unveiled a new 20% tax deduction for small business owners in 2018 - and just over 1 in 10 filers so far have claimed it. The qualified business income deduction is one of the new features of the Tax Cuts and Jobs Act, which went into effect last year. This new tax break allows owners of 'pass-through' entities, including S-corporations, partnerships and sole proprietorships, to deduct up to 20% of their qualified business income." ( CNBC , 8/7/19)

The TCJA Allows Full And Immediate Expensing Of Short-Lived Capital Investments For Five Years, And Increases Section 179, Which Allows Businesses To Deduct The Full Cost Of Capital Assets From $500,000 To $1 Million. "Allows full and immediate expensing of short-lived capital investments for five years. Increases the section 179 expensing cap from $500,000 to $1 million." ( The Tax Foundation , 12/18/17)

• The New Deduction Will Provide Small Businesses With An Increase In Their Write Off Ability Which Will Help Them Purchase New Vehicles And Equipment. "'For small businesses that are purchasing new vehicles or equipment, the TCJA has been beneficial to increase their write-off ability,' he said. 'The byproduct of increasing depreciation deductions will result in more purchases and increased revenue opportunities for those that sell vehicles, machinery and equipment.'" ( Business News Daily , 12/19/19)

The Changes Made In The Tax Cuts And Jobs Act Has Represented "Big Savings" For Small Businesses

National Federation of Independent Business, The Largest Small Business Association In The U.S., Said That Two Out Of Three Of Their Members Said That Their Tax Liability Has Gone Down Since TJCA Has Passed. "Two out of three members told us their personal tax liability has gone down, and 83% have recognized that the cuts have been a boon for the overall economy. We worked hard to convince lawmakers of the importance of supporting small business - the backbone of the economy. It has been a huge win for NFIB and its members." ( NFIB , 12/5/19)

A Gallup Survey Released In February 2020, Found That 69% Reported That Their Business Have Benefited From The 2017 Tax Reform Law. "Most small-business owners rate the financial condition of their business positively -- 56% say it is "excellent" and 38% "good" -- and 69% report that their business benefited from the 2017 tax reform law. More than seven in 10 say they reinvested over one-quarter of the savings that resulted from the tax law in their business." ( Gallup , 2/10/20)

A.J. Gross, President Of ALG Tax Solutions, Said "The 20% Deduction Is A Game-Changer," And "It's a Huge Win" For Small Businesses. "A.J. Gross, president of ALG Tax Solutions, said this change to the tax code has brought about the most significant deduction for small business owners. 'The 20% deduction is a game-changer,' he told Business News Daily. 'It is a huge win, in my mind, for small businesses.'"( Business News Daily , 12/19/19)

Lana Pol, A Small Business Owner In Iowa, Said She Has Enjoyed Her "Big Savings Under The New Tax Law," As She Has Seen A Drop In Her Overall Tax Burden "Thank To The Qualified Business Deduction." "Lana Pol's small businesses are enjoying big savings under the new tax law - at least for now. The entrepreneur runs four small companies across Iowa, including Mowbility Sales & Service, which sells agricultural equipment, and Geetings Inc., a trucking and warehousing business. Pol said she saw a drop in her overall tax burden this year thanks to the qualified business deduction, a change made to the individual tax code, available for pass-through entities. Her savings look substantial." ( CNBC , 3/18/19)

• Pol Said She Was Able To Purchase New Semitrailers With The New Expense Write Off. "Pol said she also utilized Section 179 expensing to write off a major purchase of new semitrailers - six in all, totaling $1 million. Taxes were often a top issue prior to reform, she said." ( CNBC , 3/18/19)

Kathy Peterson, A Small Business Owner In Kansas, Said That The TJCA Deduction Has Been Helping Her Business Grow And Save Money. "Members like Kathy Peterson of Heartland Seating Inc. in Kansas are reporting how the deduction is helping. 'The federal Tax Cuts and Jobs Act of 2017 helped me grow my small business,' she explained. 'With the money I saved, I was able to add four positions, offer raises and bonuses to many of our existing employees, and invest in a new database that allowed my company to expand from five states to six.'" ( NFIB , 12/5/19)

Port City Brewing, Located in Alexandria Was Able To Provide Better Benefits For Their Employees, And Add More Equipment Due To The Lower Tax Rate From The TCJA. "With that money, Port City was able to pay its employees more, provide them with better benefits, including the employer match for retirement, and add more tanks and automation, he said. 'All those things have become much easier with this lower tax rate,' Butcher said." ( The Washington Examiner , 9/26/19)

Gary Desilets, Owner Of A Patio And Deck Company In Virginia, Said Investing In Their Business And Employees Has Become "Much Easier" Thanks To The Tax Cuts And Jobs Act. "Gary Desilets, Deckscapes (Virginia): 'With repealing of regulations and renewed optimism, business has grown considerably over the last year and now with this tax cut, gee-whiz, just the other day we went out with a minimum of 7 percent pay raise to our employees, some of them got higher. We changed our bonus structure, we're starting IRAs for all the employees, and went out and purchased a bunch of trucks.'" (House Republicans, How Tax Reform Changed Our Lives , 4/17/18)

President Bill Cox Of Cox Manufacturing Said That The Saving Provides "Much-Needed Relief" To His Company As he Can Add More Staff, And Equipment To Handle The Increase In Orders They Have Received. "For Cox, those savings may give the manufacturer some much-needed relief as it adds staff and equipment necessary to handle the increased orders the company's been receiving over the last month or so, President Bill Cox said. 'The biggest benefit I think is not the tax savings, but the activity that's going on. It's just like crazy,' said Cox, whose company employs 150 and makes machined and other parts. 'I had some older machines that we wanted to phase out and I just couldn't believe how quickly they sold. I'm getting pressure to release them sooner than I wanted to.'" ( San Antonio Express News , 2/7/18)

Round Rock Roofing Business Co-Owner Stacie Feller Said That The Tax Cuts Has "More Than Tripled Its Revenue And More Than Doubled Its Payroll, To 24 Employees" And They Were Able To Provide Health Insurance And An Individual Retirement Account Plan For Their Employees. "Round Rock roofing business co-owner Stacie Feller credited Trump with boosting businesses' confidence. She and her husband Scott's Kanga Roof Austin has has more than tripled its revenue and more than doubled its payroll, to 24 employees, since January 2017, she said. 'I'm very proud to say with some of the tax cuts, some of the things, this year, 2019, was the first year we were able to offer health insurance and a simple [Individual Retirement Account] plan for our employees,' she said. 'We just couldn't afford it before.'" ( Dallas News , 8/29/19)

Dorothy Andreas, Owner Of Sewickley Spa, Said That The Tax Cut Feel Like The "Government Wants To See Small Businesses Succeed", She Able To Use The Cuts For New Equipment And At Least Two More New Employees. "For the past decade, Sewickley Spa's 13 employees didn't receive annual raises. With economic pressures forcing cuts at the business since the Great Recession of 2007-09, owner Dorothy Andreas said she couldn't afford pay hikes - though she still managed to provide a bonus every Christmas. But on Dec. 20 - the day Congress gave final approval to the Tax Cuts and Jobs Act - Ms. Andreas decided to 'pull the trigger' on raises of 2 percent to 5 percent and bonuses that averaged 2.5 percent. My staff needed a morale booster," said Ms. Andreas. She welcomes the federal tax changes because she expects them to translate to savings she can pump back into spending for new equipment and at least two more employees. In recent years, her luxury spa - which offers massages, facials, and other salon treatments for men and women - has delayed investments in things like updated computer systems and pedicure chairs. 'I just want to put it all back into my company,' she said. 'It feels like the government wants to see small business succeed and it's like a breath of fresh air into a very stale climate.'" ( Post-Gazette , 2/5/18)

David Cranston, President Of The Western Pennsylvania Company, Said That The Savings From The Tax Cuts And Jobs Act Is "A Big Deal" For Small Business Owners Like Him. "As president of the western Pennsylvania company, Cranston was there to discuss the benefits of the Tax Cuts and Jobs Act for small business. Founded in 1957 and an NFIB member since 1994, Cranston Material Handling Equipment Corporation sells material handling products. 'Like many business owners, I pay quarterly estimated taxes,' Cranston testified. 'In order to pay those taxes, I take cash from my company each quarter. Those payments suck my working capital right out of my business quarter after quarter. Under the Tax Cuts and Jobs Act's new Section 199A, I now qualify for a 20 percent deduction on my pass-through income. In real terms, this means I will be able to keep between $1,200 and $2,500 a quarter in my business that I would otherwise have paid in taxes. The ability to keep $5,000 to $10,000 a year in my company is a big deal to a small business owner like me.' As of January, Cranston has focused on expanding into a new product line. Cranston will purchase new equipment, invest in training, and build a new website, according to his testimony. He credited the tax act for his better financial position to self-fund this new product." ( NFIB , 4/25/18)

LEADERS HAVE PRAISED THE TAX CUTS AND JOBS ACT, AS IT HAS HAD GREAT BENEFITS TO THEIR LOCAL COMMUNITIES

Leaders Call The Tax Cuts And Jobs Act A Major Win, As They Have Witnessed The Benefits Within Their Communities

Congressman Jodey Arrington (R-TX) Praised The Tax Cuts And Jobs Act As It Has "Led To Historic Low Employment And The Best Economy In Modern History." "Fact check: @realdonaldtrump's pro-growth policies and GOP tax cuts have led to historic low unemployment and the best economy in modern history. Either @JoeBiden is intentionally misleading the American people or has lost all sense of reality." ( Twitter Feed , 7/14/20)

Governor Gavin Newsom (D-CA) Applauded President Trump's Opportunity Zone Program That Was Included In The Tax Cuts And Jobs Act, As It Will Revitalize Low Income Areas In California. "President Trump's Opportunity Zones program has won over California's Democratic chief executive. Gov. Gavin Newsom told a crowd at Stanford University that he was a bit 'perplexed' and skeptical of Mr. Trump's plan for revitalizing low-income areas, although a deeper look into the details convinced him of its merit. 'We all heard about these opportunity zones. We were a bit perplexed,' Mr. Newsom said Monday at the Opportunity Zone Investor Summit, The San Francisco Chronicle reported. 'A lot of us, at least on my side of the political aisle said, 'That actually sounds like a good idea. Wait a second, it came out of which administration? I'm still trying to get my arms around it. Maybe it's too good of an idea.'" ( AP News, 5/3/19)

Governor Brian P. Kemp (R-GA): "Thanks To The Tax Cuts And Jobs Act, Opportunity Zones Are Making A Positive Impact Here In Georgia." "Thanks to the Tax Cuts and Jobs Act, opportunity zones are making a positive impact here in Georgia. It's an honor to host the @WhiteHouse Opportunity and Revitalization Council in Savannah today!" ( Twitter Feed , 10/28/19)

Congressman Tom Reed (R-NY) Praised Opportunity Zones As The 514 Opportunity Zones In New York Have Created New Jobs And "Home Values Have Helped Generate $25 Billion In New Wealth For Those Residents Since The Tax Cuts." "New York has 514 opportunity zones and they are boosting disenfranchised people out of poverty and creating new jobs in areas needed the most. Home values have helped generate $25 billion in NEW WEALTH for those residents since tax cuts. #SOTU2020 #SOTU" ( Twitter Feed , 2/5/20)

Congresswoman Kathleen Rice (D-NY) Said That She Supports The Opportunity Zones As They Can Spur Economic Growth To Her Congressional District. "U.S. Representative Kathleen Rice is calling for eligible communities in New York's fourth congressional district to be designated as Opportunity Zones, which will incentivize long-term investment of private capital in low-income communities. The Tax Cuts and Jobs Act of 2017 established a new community development program that provides tax incentives for investors to re-invest in low-income urban and rural communities that have been designated as Opportunity Zones. Communities are eligible to be designated as Opportunity Zones if they have an individual poverty rate of at least 20% and a median family income of no more than 80% of the median family income in the surrounding area. In a recent letter to New York Governor Andrew Cuomo, Rice noted that participating in the program would bring significant investment to long under-served communities and spur economic growth throughout Long Island. Eligible communities in New York's fourth district include the Village of Hempstead, which the Census designates as having 'severe economic distress,' as well as Freeport, Long Beach, and New Cassel. Governor Cuomo has until Friday, April 20, to nominate eligible communities to be designated as Opportunity Zones." ( Longisland.com , 4/17/18)

Congressman Adriano Espaillat (D-NY), Praised The Opportunity Zones That Were Created Through The Tax Cuts And Jobs Act, As It Will Benefit His Diverse Community And Provide Economic Investments To His Constituents. " NEW YORK, N.Y. - Congressman Adriano Espaillat (NY-13) released the following statement on New York Governor Andrew Cuomo's recommendation to establish multiple opportunity zones throughout New York's 13th congressional district that will promote investment and continued growth into the community. 'I commend Governor Cuomo and his team for designating multiple Opportunity Zones throughout my district to help spur and continue economic growth and development for local businesses,' said Rep. Espaillat. 'The Opportunity Zone Program provides unparalleled access to partnerships that can enable organizations to bring about widespread change in communities that are hungry for growth. Our community is diverse and vibrant, and this new source of economic investment will help residents, families and businesses thrive. As New York City continues to prosper, I remain committed to ensuring low-income and underserved communities are uplifted and never overlooked when it comes to our growth and economically vitality.' The Tax Cuts and Job Acts of 2017 created a new tax-incentive program to establish 'Opportunity Zones' for economic investment throughout low-income and underserved communities, as outlined by the Census. Such "Opportunity Zone" designations remain in effect for 10 years and benefit individuals, corporations, developers and startup companies seeking investments to develop or grow their business." (Congressman Adriano Espaillat, Press Release , 4/23/18)

 

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