Many Americans believe they are not benefiting from the tax cuts because it was reported widely that the reform primarily benefited corporations and the wealthy. This narrative is incorrect. 2: It was a tax bill only for the rich, so most Americans didn’t get a tax cut. Then the Tax Cuts and Jobs Act made it easier for millions of Americans to pay their taxes, simplified family benefits, and overhauled the international tax system, among many other reforms.
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The Tax Cuts and Jobs Act also was the most significant reform to many parts of the tax code in 30 years-since President Ronald Reagan’s 1986 tax reform. New job openings also surged in 2018, the year following the tax cuts, and about 83,000 more Americans voluntarily left their jobs for better opportunities at the end of 2019 compared to the trend before the reform.Ĭensus Bureau data also show that real household income reached an all-time high in 2019, growing by $4,400 (a one-year increase of 6.8%).
Wage growth increased by more than a percentage point in the two subsequent years, resulting in annual wages of more than $1,400 above trend for production and nonsupervisory workers. Following the reform, which included significant tax cuts for businesses, the labor market improved markedly. The most important legacy of the tax cuts is their benefits for working Americans. 1: The tax cuts benefited corporations, not working Americans or the economy. Here are six of the most common myths included in a recent Heritage Foundation report and why they’re wrong. Reversing the 2017 tax cuts not only would raise Americans’ taxes but make the economic recovery from COVID-19 more challenging by increasing the cost of building back a strong labor market. Setting the record straight for lawmakers and the American people is crucial to ensuring Congress keeps taxes low and makes permanent the reforms of the Tax Cuts and Jobs Act. Now, more than three years later, the Tax Cuts and Jobs Act is the subject of countless lingering mischaracterizations that fuel a push in Congress to repeal parts of the law. Congress passed a $1.5 trillion tax cut and reform package in December 2017 that became the subject of heated, partisan attacks.
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