The 2018 tax season has come to a close this week and the Tax Cuts and Jobs Act has given Americans plenty to be grateful for. According to a CNN analysis of President Trump’s tax laws most US taxpayers were winners this tax season. A majority of Americans should have their tax burden decreased by $100 this year. The TCJA has helped families and individuals keep more of their hard-earned money; something all Americans can celebrate.
Even more noteworthy than the early results of tax reform’s impact on the 2018 tax season is the economic boom contributed by tax cuts. The TCJA has helped increase workers’ wages and benefits, increase domestic and foreign investment, will help promote longer-term investment. Big companies have been able to invest more in employee benefits like employee education, increased wages, and pension funding. Despite unsubstantiated and unwarranted criticism, tax reform continues to prove its worth to the American people.
It’s time for the tax reform naysayers to accept the reality of the TCJA’s success. President Trump’s tax reform has been good for workers and businesses alike. Our economy is soaring thanks to the impact of the TCJA.