Today’s Increasingly Left-Wing ‘Che Guevara’ Democrats Do Not Understand Economic Growth

Lewis K. Uhler and Peter J. Ferrara National Tax Limitation Foundation

You wouldn’t know it by listening to congressional Democrats, but the Republican tax reform bill helps the middle-class and blue-collar workers first by directly cutting their taxes. Speaker Paul Ryan reports that, under the bill, a family of four earning the median income of $73,000 will get a tax cut of $2,059 which comes in part by doubling the standard deduction to $24,000 for families and the child tax credit to $2,000.

The 15 percent rate, applying before reform to single workers making $9,525 to $38,700, is cut to 12 percent under the new law. The 25 percent rate, applying before reform to singles making $38,700 to $93,700, is cut to 22 percent. The 28 percent rate, applying before reform to singles making at least $93,000, is cut to 24 percent applying to singles making at least $82,500.

And the 10 percent rate applying to the lowest income workers making taxable income of $9,525 or less, is cut to zero percent, after accounting for doubling the standard deduction, doubling the child tax credit, and the still fully refundable Earned Income Tax Credit (refundable means that if the credit adds up to more than..........To Read More....