Whole story missing
Now that the final version of the tax bill has passed, we can see the final product and determine for ourselves how good or bad it is.
I have been doing a lot of research over the last couple of days and have found that neither side is giving the whole story, but it is the Democratic leadership that is telling the biggest lies about it.
This bill does not increase taxes on the poor or the middle class to pay for tax cuts for the rich. Here are some truths about this bill.
A family of four, earning $64,000 will pay no federal income tax.
This is a reduction of between $2,000 and $2,500.
Nearly everyone making less than $150,000 will see a cut, or at least no increase, and not one Democrat voted for this bill.
There are some people who will see their income taxes rise though.
These are the high-income earners who have been using large deductions (loopholes) to reduce their taxes.
These are the very people Democrats have been telling us for years that they want to tax, but not one Democrat voted for this bill.
But, these are not the best parts of the new tax bill. The part that will make the most difference for Americans is the reduction in the corporate tax rate.
This reduction will make the United States competitive in the global market again. Companies will bring in money that has been stashed overseas.
Some of this will be reinvested in the company and some will be used to buy back stocks. Stock buybacks will push stock prices up. improving the yields for pension and 401K accounts.
This helps all Americans.
The lower rate will mean that companies will stop leaving this country and even bring some production back.
Lower rates will make U.S. products more competitive throughout the world.
This will mean business expansion, bringing more and better jobs. More jobs means competition for workers, which will increase wages and improve benefits. More business with more jobs and higher wages means more taxes, including the payroll taxes that support Social Security and Medicare.
The bottom line is that everyone wins.
Tax cuts, more and better jobs with higher wages, and more money for government.
More secure retirement and better benefits, what’s not to love.
And not one Democrat voted for this!
Submitted by Virtual Newsroom