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Steven Mnuchin: The Tax Cuts and Jobs Act is working
You'd never know this to listen to the MSM.
You'd never know this to listen to the MSM.
(CNN)Americans just finished filing their taxes for 2018. And this is the first year that the benefits of the Tax Cuts and Jobs Act (TCJA) have been improving the lives of our citizens. In fact, we are pleased to report that we have experienced a year of more jobs, bigger paychecks, increased business investment and lower tax liability.
Lower tax rates, higher standard deductions and larger child tax credits have benefited most Americans. According to Treasury's analysis, in 2017, a typical American household earning $75,000 in pre-tax wages was paying $3,983 in federal income taxes. Each month, $347 was withheld from their paychecks, and they received a $178 refund when they filed their 2017 taxes. In 2018, that typical family earning $75,000 saw their total taxes fall to just $1,739, a tax reduction of $2,244 per family. The tax cut was mostly realized through the nearly $200 per month added to their paychecks. They are also receiving a $41 refund, which means that instead of overpaying the government, they were able to keep more of their hard-earned money every month.
According to recent data released by H&R Block, their clients saw their taxes decline by 24.9% on average. As the company explained, average tax refunds are up just 1.4% for their customers because 96% of the reduction "went into paychecks during the year." They also found that for their customers, "all 50 states and D.C. saw their average tax liability decrease anywhere from 18.0 percent to 29.1 percent."
Additionally, per the non-partisan Tax Policy Center, about 80% of American taxpayers were estimated to see their federal taxes decline as a result of the tax reforms that we have implemented. This means that more than 140 million American families are likely experiencing federal tax savings because of the TCJA.
Americans also saw large wage gains in 2018 as a result of the stimulus to economic activity generated by the TCJA, combined with the Trump administration's deregulatory activities of the past two years.
Over the eight years prior to President Donald Trump taking office, American wage gains were minimal, rising 2.1% on average and less than 0.4% per year, after accounting for inflation. Those days of stagnation are over. Americans are once again starting to see meaningful real wage increases, particularly among low-wage workers....
Lower tax rates, higher standard deductions and larger child tax credits have benefited most Americans. According to Treasury's analysis, in 2017, a typical American household earning $75,000 in pre-tax wages was paying $3,983 in federal income taxes. Each month, $347 was withheld from their paychecks, and they received a $178 refund when they filed their 2017 taxes. In 2018, that typical family earning $75,000 saw their total taxes fall to just $1,739, a tax reduction of $2,244 per family. The tax cut was mostly realized through the nearly $200 per month added to their paychecks. They are also receiving a $41 refund, which means that instead of overpaying the government, they were able to keep more of their hard-earned money every month.
According to recent data released by H&R Block, their clients saw their taxes decline by 24.9% on average. As the company explained, average tax refunds are up just 1.4% for their customers because 96% of the reduction "went into paychecks during the year." They also found that for their customers, "all 50 states and D.C. saw their average tax liability decrease anywhere from 18.0 percent to 29.1 percent."
Additionally, per the non-partisan Tax Policy Center, about 80% of American taxpayers were estimated to see their federal taxes decline as a result of the tax reforms that we have implemented. This means that more than 140 million American families are likely experiencing federal tax savings because of the TCJA.
Americans also saw large wage gains in 2018 as a result of the stimulus to economic activity generated by the TCJA, combined with the Trump administration's deregulatory activities of the past two years.
Over the eight years prior to President Donald Trump taking office, American wage gains were minimal, rising 2.1% on average and less than 0.4% per year, after accounting for inflation. Those days of stagnation are over. Americans are once again starting to see meaningful real wage increases, particularly among low-wage workers....
CNN is not "the MSM"?
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