Trump and the Republicans in Congress made history on Wednesday when they secured the most significant tax cut since the Reagan Administration. It was a tremendous feat when you consider how long Republicans have been trying to make this happen.
As is the case with most political current events, the American people immediately rushed to Twitter after this bill was passed so they could see what brilliant analysis Barbra Streisand had to offer.
As usual, she had nothing remotely intelligent to say.
That’s such a silly statement face value.
Trump is worth billions of dollars you really think that Trump and the GOP all got in a room and cooked up some plan to line their own pockets and give Trump a few tax breaks? Streisand is talking like someone who doesn’t know how money works. 80% of households are getting a tax break and so what if Trump is one of those households?
Streisand doesn’t seem to mind that politicians like Pelosi has made millions and millions of dollars during her time in Congress despite a salary around 200k. But, now that Republicans have passed tax reform (which they have been trying to do since way before Trump) that must mean Trump is trying to give himself a tax break.
Ben Shapiro brings up a good point as well.
Talk about a takedown.
The fact of the matter is that 80% of households are getting tax relief and there’s just no rational argument against that.
Whenever I’m asked if the Trump tax cut is for the rich, I say yes. It is a tax cut for the rich. It is a tax cut for the middle class. It is a tax cut for small businesses. It is a tax cut for the Fortune 100. If you pay federal income taxes, you will, in almost all cases, be getting more take-home pay come Jan. 1.
What is not true is that the rich get all the benefits of the tax cut and middle-income families pay more.
CATO scholar Chris Edwards recently put the lie to that claim. He examined the impact of the tax bill on the average tax filer in every income group with an income above $40,000. He didn’t include people who make less than that because very few in that income range have any income tax liability — and you can’t cut taxes on people who don’t pay taxes.
Edwards’ remarkable analysis showed that as family income levels go up, the percentage reduction in tax burden goes down: Lower-middle-class people — who make between $40,000 and $50,000 a year — will see a 46 percent reduction in taxes paid; people who make more than $1 million will see roughly a seven percent reduction in taxes (again, the exact rate depends on what state they live in).
This tax bill does a lot more good than it does bad. Democrats have been running around arguing about how much of a tax cut people will get but does it really matter? Not a single Democrat voted to lower taxes. Not one. So, if a family saves $100 or $1,000 they have Republicans to thank and every little bit helps.
[Note: This post was written by Andrew Mark Miller]