Paying less taxes thanks to Republican tax reform is a boon to all Americans as well as the US economy, writes Paul Ryan in Fox News. The tax cuts have put more money in people’s pockets, fueling consumer confidence, which is at an almost 17-year high. US manufacturing has reached a hiring peak since the recession. Companies use the added savings to give bonuses, offer higher salaries and invest in savings plans. Eight out of ten Americans live from one paycheck to the next; these tax cuts are hugely beneficial to them. In 41 states, their utility bills have gone down. Lower taxes spur the US economy, lifting up people everywhere.
The US tax rate is low compared to other rich countries. Raising it would come with several benefits that could make the country more equal, argues Paul Waldmann of The Week. European countries pay far more in taxes, but get far more in return. Socialized healthcare, free child care, paid family leave, and free college are examples of said benefits. Much of American society is convinced that the lower taxes are good for them, but the wealthy are the biggest benefactors. They saved much money due to the latest Republican tax cuts. Unfortunately, this will go into stock buy-backs that almost entirely favor shareholders.