"[T]he biggest part of the tax cut by far was tax cuts for individuals....The most common middle class marginal tax rates of 15 and 25 percent were reduced to 12 and 24 percent, respectively."So as you receive a bigger tax refund this year, remember this from the Patriot Post:
Democrats Cut Jobs, Republicans Cut TaxesIt's tax-filing season, which is going to be great news for millions of Americans.
One example of leftist policy is a report on Barack Obama’s crackdown on franchising as a favor to his Big Labor pals. “A report put out by the International Franchise Association and a Chamber of Commerce found that the Obama administration provoked an ‘existential threat’ to the franchise model in which small business owners operate under the umbrella of a national corporate brand,” reports The Washington Free Beacon. (Think McDonald’s and other fast-food chains.) “The Obama administration departed from decades of precedent when the National Labor Relations Board [NLRB] held that parent companies could be held liable for labor violations committed by franchisees. The report estimated that the new joint employer standard set curtailed expansion in the industry, leading to between 142,000 and 376,000 lost job opportunities — a 2.55 to 5 percent reduction in the workforce.” It also put a $33 billion dent in the economy each year since 2015. Thanks Obama.
The damage was already done, but at least the NLRB under Donald Trump has begun unwinding that regulation.
On the Republican side, 2017 saw the passage of the Tax Cuts and Jobs Act — without a single Democrat vote. This week marked the beginning of tax-filing season for 2018 income, which means millions of Americans will be reminded just how much money they’re saving. While most of the attention was focused on corporate rate cuts, and while no tax law benefits everyone, Ryan Ellis, president of the Center for a Free Economy, reminds us “the biggest part of the tax cut by far was tax cuts for individuals.”
He explains, “To start with, tax rates for families were cut across the board — for everyone. The top rate of 39.6 percent was reduced to 37 percent. The tax rates underneath went down, too. The most common middle class marginal tax rates of 15 and 25 percent were reduced to 12 and 24 percent, respectively. The marriage penalty was eliminated in all but the top tax bracket.” Furthermore, because the standard deduction was substantially raised, nearly 30 million fewer families will waste time tracking down receipts for itemized deductions — saving both time and money by going for the standard deduction. And the child tax credit doubled to $2,000 per child.
Ellis also notes, “A median income family of four with two kids makes about $80,000 per year. Their income tax burden was reduced from about $4,600 to about $2,300, a 50 percent cut in income tax. A single parent with two kids making $60,000 per year got an even bigger tax cut, seeing her taxes reduced from $3,000 to $800. Even an individual making $35,000 got in on the fun — his taxes are cut from $3,200 to $2,600.”
Maybe the mainstream media should spend a little more time reporting that good news instead of attacking Catholic boys.