A quick thought:
It’s been a week and a holiday since the Tax Cuts and Jobs Act was passed, and by and large the reaction from the political opposition has been predictable: more misinformation on top of the lies they had already been spreading.
Their favorite piece of half-truth is telling gullible voters that the middle class will pay more in taxes. Their dubious claim is that 80-odd million middle class taxpayers will see their taxes go up – problem is that this combines their increased income in a handful of years with the expiration date of the bill. Granted, the individual cuts have an expiration date but the chances are these rates would be here to stay unless a future Democrat administration raises them. Thanks to a Republican House and need to make a budget deal, even Barack Obama kept most of the Bush tax cut around when it came up for renewal.
Yet the Trump tax cuts (and I guess we can call them that) passed without a single vote from Democrats. Obviously they are banking on the misinformation fed to the willing press and lapped up by TDS (Trump Derangement Syndrome) sufferers to motivate them to come out next year and flip the House and Senate so they can paralyze the Trump administration with constant investigations and resume the slow-paced economy of the Obama years.
On the other hand, the GOP is also taking a risk. There are a lot of people who have bought the “tax cuts for the rich” narrative so if the economy stumbles despite the tax cuts for both individuals and businesses the Democrats may well have the House handed to them.
But imagine we hit 4% or even 5% economic growth in the second half of 2018 because people find out they have more money to spend and other nations find themselves unable to compete? Then the question has to be asked of Democrats: why did you object in such a kicking and screaming manner? Well, we know the answer: to them government is the true owner of all property, including yours. Why else would they object to citizens keeping their money?
I know I’m going to be pleased to have some of mine back.