What is the real impact of Tax Reform and a growing economy? While my business is not the size of AT&T, Boeing, Comcast, US Bank and others who have announced bonus programs to their employees, the result is similar. This week my employees received a $500 bonus. In addition, the expanding economic activity has created an expectation of continued growth. In the next couple of weeks I will take delivery of a new Class 8 tractor costing $154,000 that will require a new employee whom I pay above average compensation. All my employees will pay less to the Federal Government in taxes for year 2018.
The leadership of the Democratic Party continues to object to the tax cut plan. Logically I don’t understand why they work against truck drivers and families of working men and women.
Eighty percent of tax payers don’t itemize deductions. A doubling of the standard deduction will be a tax savings. The increase in the child credit is substantive benefit for families with children. It is also appropriate that Colorado tax payers do not subsidize the foolish spending in states such as California, New York, Connecticut, Illinois and others.
Democratic leadership spent their entire political capital on promoting failure of the tax plan. They must continue to bail water from the sinking ship. Who will be the first run to the lifeboat?