Trump tax cuts boosting wages and hiring, Miami small business owner says

Trump tax cuts boosting wages and hiring, Miami small business owner says

Cruz introduced the bill to coincide with the deadline for individuals to file their income tax returns to the Internal Revenue Service for the previous year, according to a press release from his office.

While President Donald Trump used Tax Day as an opportunity to declare that ordinary Americans are now "winning" thanks to his deeply unpopular corporate-friendly law, a new report published Tuesday refuted Trump's rosy depiction of the USA economy under his leadership and found that-thanks to the Trump-GOP tax cuts for wealthy-healthcare, education, and other necessary public services face a "grim future". And of those, only 38 percent said the extra money helps them "a great deal" or "a fair amount".

Far from buoying small businesses, the new tax law Republicans passed late in 2017 is proving to be more problematic than positive for Main Street.

Democrats have said the tax code rewrite favors businesses and the wealthy, and that working-class taxpayers will see little benefit in their paychecks.

The tax law also doubled the child tax credit and lowers rates across the board for hardworking families. ITEP notes that "real tax reform would have put an end to tax avoidance and the tax incentives for offshoring". We significantly cut our corporate tax rate from one of the highest in the developed world, which means that American workers and businesses are finally able to win again against foreign competitors.

We have already created 3 million jobs since the election - including more than 290,000 new jobs in manufacturing and more than 75,000 in mining and logging jobs. After years of wage stagnation, real wages are rising. But where are we going to get the money for public investment after Republicans cut trillions in tax cuts for large corporations and the richest individuals? The nation's unemployment rate has remained stable at 4.1 percent, a 17-year low.




One of the biggest beneficiaries of this offshore tax break also happens to be among the biggest beneficiaries of the tax bill: big banks.

I want every American to have good jobs, rising paychecks and the opportunity to live a life of meaning, goal and joy.

According to Gill and Pelosi, 83 percent of the tax cuts in the bill will go to the wealthiest 1 percent of Americans, and the majority of American workers will not see any benefit.

Highlighting the Tax Cuts and Jobs Act Trump signed into law previous year, the White House called Tuesday the "last "Tax Day" under the old system".

"Let's see what they do, but if they're going to create more debt, and they're not going to pay for it. And most important, the American people are winning", Trump wrote for the newspaper.

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