Republicans in Congress, before their Christmas recess, provided much-needed tax relief to the American people.
Unfortunately, some on the left, ever eager for a political fight, are pretending that this victory for the middle class is only a win for millionaires and billionaires.
The Rev. Dr. Stephany Rose Spaulding, a women’s and ethnic studies professor from UCCS, recently assailed the new tax package in the pages of The Gazette (“Tax legislation will have mixed results for most,” Dec. 22). I take serious exceptions to her claims. They deserve an answer.
Typical of academics today, professor Spaulding fell back on talking points circulated by Democrats instead of objectively evaluating the Republican tax plan and its potential to create jobs and stimulate the economy.
Professor Spaulding makes a number of specious allegations about the new tax bill. She says that only big corporations benefit, but that’s false. She says there are few winners and many losers, but that’s false. She says that average Americans get “lumps of coal,” but that’s false. And she says there’s mixed evidence that the tax cuts will cause companies to reinvest – but companies are reinvesting already.
In reality, every American who pays federal income tax will see a reduction. This is a tangible victory for the American people who will notice, come the new year, less money withheld from their paychecks. The largest reduction by percentage will go not to the wealthiest, those making more than $500,000 a year, but to individuals making between $9,526 and $38,700 annually.
Take for example, a single mom – let’s call her Michelle – making $36,000. Michelle has two kids and works hard to provide for her family. If Michelle takes the new standard deduction, she will see a savings around $1,500, according to the New York Times.
This is a meaningful amount. It means more food on the table, school supplies for her children, or maybe even that family vacation she was never able to afford.
How exactly does letting Michelle keep more of her money hurt America?
I would hope that professor Spaulding, as a women’s studies professor, could appreciate the benefit this law provides to single moms and women across America.
Almost immediately after Congress passed tax reform, several large companies announced that they would be issuing bonuses, increasing pay for lower wage workers, and reinvesting their capital into their companies and their employees. Wells Fargo and Fifth Third Bank are notable examples.
The corporate tax cuts therefore create a win for employees. They also create a win for consumers. Consumers win because as nearly all economists agree, companies pass on their costs to consumers. Reducing the corporate tax rate will reduce the cost of goods and services.
It’s unfortunate that Democrats insist on playing this caustic game of class warfare, dividing Americans and doubling down on failed high tax policies that leave everyone except the bureaucrat poorer.
Instead, we should focus on uniting all Americans and striving for equality of opportunity. We are all blessed to live in the most prosperous nation on Earth and these tax cuts will only add to our collective prosperity.
Come 2018, you will see more money in your wallet, more money to spend on your kids, more money to save for retirement and more money to do with you as you please.
As Republicans, we believe that the person best qualified to spend the money you earn is, well, you!
The Tax Cut and Jobs Act is a real reform that everyday Americans can take to the bank.
Larry Liston represents House District 16 in the Colorado House of Representatives. He is a 48-year resident of HD-16, which also includes UCCS.