By Jim Marchant
Confidence among small business owners is at a record high, according to a recent CNBC survey. The good humor is due, in part, to the half of them who expect positive change to come from the new tax law in 2018.
Positive change is already happening: Wells Fargo and U.S. Bancorp are two of many institutions raising their starting pay to $15 an hour.
I’m from Nevada, and Las Vegas’ own South Point Hotel, Casino, and Spa doubled its employee bonuses and canceled a scheduled increase in health insurance costs as a result of the tax cuts.
All told, Americans for Tax Reform reports that more than 4 million U.S. workers are receiving bonuses, wage increases, or better benefits thanks to the new tax law.
But if you exclusively listen to the overarching narrative from the political left, it seems tax cuts benefit only large corporations at the expense of the American middle class.
As for the rest of us? Any benefits we see are mere “crumbs,” according to House Minority Leader Nancy Pelosi, the 15th-wealthiest member of Congress.
I’ll give Democrats credit for getting half the story right: Businesses are benefiting from the new tax law, but not to the exclusion of working America.
Regardless of whether one’s paycheck comes from a corporation or a small business, workers already have begun to see greater take-home pay because the new tax system reduces the federal tax rate for every person earning less than $200,000 (or $400,000 for families). Consequently, The New York Times reported, a majority of Americans now support the tax overhaul.
Small business owners—and by extension, their employees—are benefiting too. The new tax law allows business owners to expense immediately the equipment they invest in, rather than spreading their tax savings according to a complicated depreciation schedule.
The new law also allows business owners …read more
From:: Daily Signal – Feed