Democrats can't stop lying about tax reform, earning fresh Pinocchios as they distort the law's provisions in order to distract from the confirmed fact that 80 percent of all US taxpayers will get a tax cut under the law -- including 91 percent of the middle class -- with only five percent seeing any appreciable bump, most of whom are high income itemizers from high tax states. They're also focused on demagoguing the much-needed corporate tax reductions (Democrats supported cutting corporate rates way back in the Obama era), which bring America's uniquely uncompetitive and inefficient statutory and effective taxation levels down to around the OECD average. During the lead-up to the vote, liberals and the media ignored the sweeping tax cuts for middle and working class families, leading to widespread public misconceptions about what the bill would accomplish. They also confidently predicted that companies would not pass down any of their newfound tax windfalls to workers. A flashback, via the Free Beacon:
Most of that montage feels like a before-and-after debate between MSNBC and CNBC. In fact, well over 100 companies (and counting) have announced wage boosts, new business investments, additional hires, and bonuses for their employees, already impacting more than two million US workers. We've covered numerous examples of this phenomenon, simultaneously tracking how both the economic data and consumers' economic confidence have soared. As Matt noted on Friday, the latest winners are current and future American autoworkers at Fiat Chrysler:
BREAKING: Fiat Chrysler to invest $1B+ to modernize a Michigan plant, in addition to previous $1B investment in the plant; will add 2500 new jobs, and will give $2,000 bonuses to 60,000 of its hourly and salaried employees in the US because of tax reform. https://t.co/u2wPnDweRm pic.twitter.com/MYx4KHfrNu— CNBC Now (@CNBCnow) January 11, 2018
How can these damned Republicans sleep at night? If Democrats win the wave election that most analysts (and apparently a number of GOP incumbents) are expecting later this year, Nancy Pelosi will once again be poised to be Speaker of the House. After making a series of preposterous assertions about the tax reform bill -- calling it the worst legislation of all time, a Frankenstein monster, and a world-ending armageddon -- she is grappling with economic reality's instant rebuttal to her unhinged fear-mongering by underscoring how out of touch she is with ordinary Americans. A San Francisco millionaire may turn her nose up at a $2,000 tax cut for an average family, or a $1,000 bonus, as mere "crumbs." But to most folks, that's serious money in their families' pockets. House Speaker Paul Ryan seized upon Pelosi's tone deaf sneering and blasted her:
For millions of families who are living paycheck to paycheck, an increase in take-home-pay and a $1,000 bonus to start out the year—these are not 'crumbs.' https://t.co/1iQ4K1Xdc6— Paul Ryan (@SpeakerRyan) January 13, 2018
And here he is teeing off in a C-SPAN interview:
"I think the Democrats are going to regret not having supported this...it’s going to do tremendous things for our economy, and unfortunately, we are in a very, very partisan climate...To somebody working at Walmart at the starting wage, who just went from $9 an hour to $11 an hour–I don’t think that’s crumbs. To a person working paycheck-to-paycheck [who] just got a $1,000 bonus–that’s not crumbs...Comcast, just one company, is investing $50 billion in America, in jobs, in expanding across the country—this isn’t crumbs. The additional maternity leave at Walmart, the higher 401(k) plans. You’ve got to remember that more than half of Americans are living paycheck-to-paycheck, so when they get something like a $1,000 bonus at Christmastime because of this tax law, it’s hardly crumbs."
He mentions Walmart in this clip, and rightly so, given that mega-employer's new investments in its workforce. Katie wrote about how minimum wage agitators are finding ways to blast Walmart for bumping hourly wages. Good luck spinning this as outrage-worthy fodder for fury and gloominess:
BREAKING: Walmart will raise its starting wage rate for hourly employees in the U.S. to $11, expand maternity & parental leave benefits, and provide a one-time cash bonus for eligible employees of as much as $1,000 due to tax reform. https://t.co/kzDz8Cx4pX— CNBC (@CNBC) January 11, 2018
As a result of tax bill, Walmart giving associates $5000 if they adopt a child. Pretty awesome.— Katie Pavlich (@KatiePavlich) January 11, 2018
Leftists hasten to point out that some layoffs have also occurred due to store closures. It goes without saying that nobody is happy about people losing their jobs. But the economy's hiring climate is in strong shape, and unemployment is very low nationwide. Plus, what exactly is their point here? That tax reform caused those stores to close? That makes no sense whatsoever. The newly competitive tax rates are allowing companies to grown and strengthen their businesses. There will always be churn in some industries, but the reality is that it's quite likely that without tax reform, any layoffs and closures would be worse, as companies would be more cash-strapped. Would Democrats prefer fewer jobs, fewer benefits, and more layoffs? Their rhetoric sounds like it. I'll leave you with two more instances of Democratic foolish overreach and hypocrisy blowing up in their faces:
Does anyone still believe this about the #TaxCutsAndJobsAct? Did Sen. Schumer really believe it when he said it three weeks ago?— STEW ?????? (@StewSays) January 11, 2018
"There is nothing about this bill that is suited to the needs of the American worker or the American economy."
$1,000 is “crumbs,” but $40/paycheck for a year is “real money.” Pelosi cant have it both ways. https://t.co/9D7C4gqjCZ— Charles C. W. Cooke (@charlescwcooke) January 11, 2018