Today's tax cuts were wise-and they're working | Beaufort County Now

Here in North Carolina and across the country, Americans are experiencing a tremendous new period of economic growth. All that activity doesn't leave much time to keep tabs on the latest political squabbles. tax cuts, election year, federal tax overhaul, North Carolina
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Today's tax cuts were wise-and they're working

    Here in North Carolina and across the country, Americans are experiencing a tremendous new period of economic growth. All that activity doesn't leave much time to keep tabs on the latest political squabbles. But when it comes to tax cuts this election year, it's important to take a minute to set the record straight. After all, it's the long-overdue federal tax overhaul that's largely responsible for our strong, sustainable new era of prosperity.

    It's still hard to believe anyone would try to argue against the sound economics of tax cuts-or the big benefits we're reaping from coast to coast. Yet the critics have tried. And after failing to get away with bad-mouthing our new prosperity, they're now waving polls that say most Americans haven't seen increases in their tax savings yet.

    Of course, we're just a few months into the year. Some benefits, like a bigger child tax credit, are still on their way. But the critics want to get voters confused before election day. They're happy to cloud people's judgments with partisan politics. The reality is, in those polls, majorities who approve of the president's performance say they've seen savings, while those who don't say they're still waiting. The truth is simple. Tax benefits have been kicking in for months, with more on the way-this year and beyond.

    And don't forget: If the critics have their way, all those gains will be wiped out. That's right-their leadership would try to repeal the tax overhaul if they gained power in Congress. Americans would be left waiting for lower taxes indefinitely.

    Voters don't want that. They broadly support the tax overhaul-and the policies behind it. President Trump's approval ratings are up, in some cases by double digits, among young and college-educated voters-a change attributed on CNN to the tax cuts. Big majorities say the economy is good or excellent. Consumer confidence is at generational highs.

    Then there's businesses themselves. Small businesses plan on boosting wages and operations in historic numbers. By ten to one, small business owners support the tax overhaul. In the many states like North Carolina, where almost all firms are small ones and about half of private-sector employees work for a small business, that's a resounding affirmation of the Main Street benefits of tax cuts.

    Meanwhile, nationally, CEOs of larger firms say they're now going to sell more, spend more, and hire more because of the tax cuts. In addition to cutting sizable bonus checks, they're increasing pay and strengthening benefits.

    Average base hourly wages are up, including at some of America's biggest employers. Wages are growing faster overall, and as the year's late winter storms subside, according to analysts, they're likely to pick up further.

    The experts are backing those sunny feelings with hard facts. Leading economists predict above average growth and expect 90 percent of middle-class taxpayers to see lower bills this year. Analysts tally tens of billions in increased income and tax decreases of $100 billion annually

    This is the power of well-crafted tax cuts-cuts that reward job creation instead of punishing it, and ensure that benefits are broadly balanced across earners and families regardless of geography or industry. Don't let the critics fool you. America is prospering because our leaders in Washington delivered the right tax cuts at the right time.

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