Tax reform continues to gain public support and drive record optimism, even as Washington Democrats still insist it’s all just ”crumbs”:
- “Tax Overhaul Gains Public Support, Buoying Republicans. The tax overhaul that President Trump signed into law now has more supporters than opponents. . . ‘Public opinion is moving in the direction of this bill,’ said Jon Cohen, chief research officer for SurveyMonkey. ‘Considering where it was, it is dramatically different.’” (The New York Times)
- “U.S. Consumer Sentiment Jumps After Tax Cuts Blunt Stock Gyrations. The rise in sentiment, which surpassed the forecasts of all analysts surveyed by Bloomberg, comes as Americans’ paychecks are getting bigger due to the implementation of tax cuts. . .” (Bloomberg)
- “Small-business confidence hits record high in 2018 after Trump tax-reform win. . . . Small-business confidence is surging in 2018 as optimism rises among small-business owners about the newly enacted tax-reform package. . .” (CNBC)
Let’s go back to December, before the bill became law, when the Times featured this quote from Jason Furman, a former Obama economic adviser: “Nothing in my experience suggests that the views people have about the tax cuts—whether justified or not—will change after they start actually being affected by them.”
Tax reform is defying the skeptics, and it’s not hard to figure out why. The law is keeping its promises to America's workers: more take-home pay, higher wages, better benefits, offshore profits coming home, and more.
Indeed, looking at how support for the law has jumped by 14 points in its survey since December, the Times shares some anecdotes from around the country. For example, a project manager for a plumbing company in Springfield, MO tells the paper, “everyone seems to be a little more upbeat”: “A few days ago, she called a contractor to move forward with a long-delayed plan to replace the roof on her house.”
Beyond the banner announcements about bonuses and investments are these day-to-day stories of how tax reform is helping to improve people’s lives, and their outlook for the future.
So this picture is indeed “dramatically different” from where things were before tax reform took effect. It is all certainly different from whatever bubble in which Washington Democrats are “starting to get worried,” “struggling to cope,” and “scrambling for a cohesive message” about tax reform. Yeah, just going turn this over to Jerry:
Meanwhile, we haven’t even reached the end of February, by which point 90 percent of wage earners are due to see more money in their paychecks because of tax reform.
Tax reform is working.