The Economy: Following President Trump signing the Tax Cuts and Jobs Act into law, the U.S. economy continues to defy expectations.
- Paychecks are up 3.2 percent – the 12th straight month where year-over-year wages gains clocked in above 3 percent.
- Unemployment is at 3.7 percent – a near 50-year low.
- Small business optimism is surging – now 8 out of 10 small business owners are more optimistic about their financial outlook for next year.
Simply put, it is a great time to be an American worker.
Despite these historic gains, Democrats continue to deny the strength in our economy. And on top of that, some are pledging to take away money from the pockets of workers who need it most.
Speaking to a crowd in Iowa this week, former Vice President Joe Biden promised to repeal the GOP Tax Cuts.
Mr. Biden told the crowd:
“By eliminating just a few of the tax cuts, I’m going to eliminate mostly – all of them. . . . you think I’m joking, but I’m not.”
This, of course, echoes California Senator Kamala Harris’s call to “get rid of the whole thing,” in reference to the Tax Cuts and Jobs Act.
Think about that.
For a single parent with two kids in the Midwest, who today doesn’t pay a dime of federal income taxes on the first $53,600 of their salary, national Democrats want you to send more of your money to Uncle Sam.
For a family of four in Texas, the 47th Vice President is pledging to take away $2,636 of your hard-earned money.
And for businesses on Main Streets across the country who finally have a tax code that works for them, Mr. Biden wants to make it harder for you to give raises to your workers or invest in your communities.
This is just the surface. Not only would taxes be raised on every single middle-class family if the GOP Tax Cuts were repealed, but:
- Workers would see smaller paychecks;
- Parents would lose the doubled child tax credit;
- Millions of more families would be forced to calculate their taxes twice with an expanded AMT; and
- Every American would be forced into buying health insurance they may not want with Obamacare’s individual mandate reinstated.
The bottom line: Our new tax code was designed to help workers and parents control their own economy by giving them first say over their money. The former Vice President has made it clear: he does not trust you to handle what’s in your wallet.