4/17/18, Maine First Media Staff Report,
Thanks to the traditional tax filing deadline of April 15th, falling on a Sunday, today, Tuesday, April 17th is Tax Day in the United States.
And on this Tax Day, Maine First Media thought it would be beneficial to look back at how much money American workers are saving today due to the historic Trump Tax Cuts.
In early December, Congress passed one of the largest tax cuts in American history. According to the Washington Post, the average American family can expect the equivalent of a $4,000 pay raise thanks to the tax burden reduction.
Under the plan, the standard deduction for individuals and families doubled. Local property taxpayers also are now able to deduct up to $10,000.
The Trump Tax Cuts reduced the corporate tax rate from 30% to 25%, with many savings passing down to consumers.
An element of the plan that was often overlooked was lowering taxes on companies with owners that pay individual tax rates on profits — small businesses and self-proprietorships (combined accounting for about 95% of all U.S. businesses).
Additionally, along with the tax cuts came the end of the painful ObamaCare individual mandates hammering workers with massive fines if they could not afford health insurance. The fines varied depending on how long the worker was without coverage and how much the worker made over the course of the year, but the penalties typically ran to several hundred dollars.
The Trump economy is soaring since the tax cuts. We’ve seen massive reinvestments by major corporations back into the United States, projected 6% growth, record highs on the stock market and record lows in some unemployment levels.
And American workers are individually reaping the rewards of the tax cuts and the booming economy.
More than four-Million American workers (and counting) are receiving bonuses from their employers, thanks to the Trump Tax Cuts. Most of these bonuses are around $1,000.
In total, more than 500 companies have announced, bonuses, wage hikes, 401k matches, charitable donations, utility rate cuts, or increased spending on employees. More companies make exciting announcements along these lines on a daily basis.
Americans for Tax Reform has compiled a comprehensive list of every company who has rewarded employees thanks to the Trump Tax Cuts and soaring U.S. economy. ATR’s list details what each company has done and how many employees will benefit. They’ve even added the press releases for many of the announcements.
Maine First Media highly recommends browsing the impressive list. ATR is updating it daily.
It is important to note on this Tax Day, not a single Democrat voted for the historic cuts. And they are even doubling-down on efforts to steal money out of your paycheck.
Back in mid-March, Congressional Democrats announced a plan to hike taxes if they win majorities following the 2018 Midterms.
Along with jacking the corporate tax rate, Democrats plan to raise the top marginal income tax from 37% to 39.6%. They will also take away the advantages the Trump Tax Cuts are providing to more than 30-Million self-employed Americans.
Tax Day wasn’t as painful this year thanks to President Trump and his tax cuts — hopefully the same will remain true in 2019 and beyond.