Two months after the historic legislation became law, the results from tax reform are steamrolling the rhetoric and fear-mongering from its opponents. Rather than the bogus tax hikes Washington Democrats warned of, people are seeing bigger paychecks. Rather than “armageddon," workers are getting bonuses, money is flowing into the economy, and economic confidence is soaring.
As a result, support for the law is growing and the Democrats are struggling to explain why they opposed something that is making life better for so many Americans. As CNN put it, Democrats have been "[c]aught flat-footed by the suddenly increasing popularity of the GOP tax plan.” Indeed, poll after poll shows “tax reform is on the upswing.” That’s because, as predicted, tax reform is:
Republicans promised that corporate tax reform would benefit workers. And it is. Wages are going up. Benefits are improving. And, of course, there are millions of workers receiving bonuses thanks to tax reform. Washington Democrats—at least some of them anyway—dismiss the billions of dollars families have received so far as “crumbs." But to real people, these bonuses are a big deal.
Most importantly, Republicans promised that tax reform would create bigger paychecks for Americans. And it is. Millions of Americans have noticed the surprise of more money in their bank accounts this month, thanks to tax reform. According to the Treasury Department, 90 percent of wage earners will see this change by the end of the month.
Bringing Back Offshore Profits
Republicans promised corporate cash parked offshore would come back into the American economy. And it is. Apple made a huge announcement about cash coming back soon after the law was enacted. And just this week, there was more good news, as “[t]ech company Cisco said Wednesday it plans to repatriate $67 billion in foreign profits in the coming months…It's the latest big U.S. company to map out its plans to bring home cash that has been stashed overseas for years.”
Stemming Corporate Inversions
Republicans promised companies would reverse decisions to relocate headquarters overseas. And they have. We’ve already seen at least one company reverse its announced decision to leave. That’s because no longer do our foreign competitors have a leg up on America. The law is even triggering regret for companies that had already left the United States.
Ultimately, tax reform is all about making it easier for people to get ahead and giving them greater confidence in their lives. And it is doing both. General satisfaction of Americans is on the rise. More specifically, economic confidence is soaring. A recent poll found Americans' satisfaction in the economy is at a 17-year high.
It’s still early, but there’s no denying initial results of tax reform have been overwhelmingly positive—and Americans have taken notice. As a result, "Democrats are left with few options to counter the Republican narrative that the GOP-led economy is working.” More importantly, the law is helping to improve people’s lives.