Tax cut a victory for freedom – and your wallet
Merry Christmas. President Trump’s tax reform victory is not only a massive legislative accomplishment but also, and more importantly, a win for freedom. Freedom is making quite a revival under President Trump.
When the president signs the bill early next month, Americans could see a fatter paycheck starting as soon as February and bigger tax refunds in early 2019.
The nonpartisan Tax Policy Center is estimating that more than 80 percent of Americans will see a tax cut, averaging over $2,000.
It’s their money and they deserve it back, free to do with it what they like. Add to that a soaring stock market and booming economy from a reduced corporate tax rate, and millions may finally have a chance to enjoy a concept believed to be a thing of the past: prosperity.
Hundreds of thousands of employees at companies like Wells Fargo, Fifth Third Bank, AT&T and Boeing will immediately see the benefits of the bill, as those companies have announced millions of dollars in wage increases, bonuses and additional investments in workers in response to the new tax law.
This bill also casts off the pernicious Obamacare “individual mandate,” which taxed citizens for merely existing, and frees millions from having to itemize with a hefty increase in the standard deduction.
True, the capping of the state and local tax deduction at $10,000 and the mortgage interest deduction for new mortgages over $750,000 will sting a little for some wealthy blue-staters in high-tax communities, but this only serves to put more pressure on local governments to keep taxes reasonable as well. And maybe next time they’ll encourage their Democratic senators and representatives in Congress to work with the Trump administration rather than #resisting away all their political capital.
A look through the smog of panicked headlines and hysterical detractors shows an incredibly productive year for President Trump. He’s shredded mountains of regulations that have stifled businesses and done it at a deafening pace that would have been the envy of Ronald Reagan.
It is not only through deregulation and legislation that this president is widening the scope of our freedoms. Pro-liberty, conservative judicial nominees are rolling through the confirmation process at a pace not seen since Nixon. Coupled with the seating of Supreme Court Justice Neil Gorsuch, President Trump is changing the game and shaping the legal culture for decades to come.
Better, smaller, faster. That is the Trump government.