Ah, Tax Day. "Time to gather up all those receipts, get out those tax forms, sharpen your pencil, and stab yourself in the aorta." Funnyman Dave Barry isn't the only one complaining. According to experts, Americans will spend more on taxes in 2018 than it will on food, clothing, and housing -- combined! Now, imagine what those numbers would have been if Congress hadn't cut taxes.
Thanks to the Tax Cuts and Jobs Act, Americans can stop working for Uncle Sam three days early this year. Tax Freedom Day, the point in the calendar when the country has worked long enough to pay its annual tax bill, is a whole three days early this year. That's still 109 days into 2018 -- but, as the Treasury Department points out, the relief is coming! Next year, as many as nine out of 10 Americans will be taking home significantly bigger paychecks.
And the news isn't just good for workers. It's good for business. Heritage Foundation's Adam Michel explains the ripple effect of one of the president's biggest success stories.
Tax reform did more than cut personal income taxes. It was designed to boost the economy by making it easier for businesses to hire Americans and invest in the United States. The early evidence shows that tax reform is indeed contributing to more new jobs and higher wages for working Americans. More than 450 companies to date have announced bonuses, pay raises, and better benefits -- including American Airlines, AT&T, Bank of America, and Comcast. Americans For Tax Reform is keeping a running list here.
This is, as President Trump wrote in his own op-ed for USA Today, "the last year Americans will fill out outdated, complicated tax forms." Families are already celebrating. And why not? They were some of the biggest beneficiaries of the law. From the child tax cut and education savings accounts to the marriage penalty relief and adoption tax credits, the GOP's plan is doing more anything since Reagan to jumpstart the greatest engine of the economy.
For more on how the Tax Cuts and Jobs bill is helping your family, don't miss Andrew Guernsey's special report here.
