How does the US economy look half a year after the implementation of the 2017 Tax Cuts and Jobs Act? Mattie Duppler recently took a look at where we are today with this in a review in The Hill.
She commented that:
“Gone is the outdated system that took too much of our money, sent our jobs overseas, and stagnated our economy. Individuals are now seeing thousands of dollars in tax relief and bigger paychecks. Families are benefitting from a doubling of the standard deduction and child tax credit. Lower taxes on businesses of all sizes are stimulating our economy. Americans are feeling the effects of a reinvigorated economy.”
She added support to this with the following numbers:
“More than four million people are receiving bonuses, benefit increases, and higher wages from hundreds of companies, totaling some $4 billion back into the pockets of the working class. Companies like Apple, Comcast, Boeing, and Bank of America have given workers across the country bonuses, in addition to pledging new investments into our national economy. Many more small businesses have done the same in their communities by growing their operations and hiring more people.”
According to an analysis by Willliam Gale, Hilary Gelfond, Aaron Krupkin, Mark J. Mazur and Eric Toder published last month, while the law “reduce[s] federal revenues by significant amounts, even after allowing for the impact on economic growth. It will make the distribution of after-tax income more unequal. If it is not financed with concurrent spending cuts or other tax increases, TCJA will raise federal debt and impose burdens on future generations. If it is financed with spending cuts or other tax increases, TCJA will, under the most plausible scenarios, end up making most households worse off than if it had not been enacted.”