Your Survival Guy

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The 2017 Tax Reform Worked, and is Still Working for Americans

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President Donald J. Trump participates in a roundtable on the economy and tax reform Monday, April 15, 2019, at Nuss Truck & Equipment in Burnsville, Minn. (Official White House Photo by Shealah Craighead)

Despite a near blackout in the media of good news regarding the 2017 tax reform, the law lowered taxes for the majority of taxpayers, and will do so for years. The New York Post editorial board examined why so many Americans believe the tax cut didn’t work for them, writing:

Why are so many people under the wrong impression about their own taxes? As the Times put it, the gap “appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand [Trump’s tax reform] as a broad middle-class tax increase.” Give the paper credit for honesty.

Fact is, “Democrats did a very good job” at convincing people they wouldn’t benefit, the Tax Policy Center’s Howard Gleckman observed. “The reality has been unable to break that perception.”

Here in New York, as E.J. McMahon noted on these pages recently, Gov. Andrew Cuomo never stopped railing about the Trump tax cuts. He called them “an all-out direct attack on New York’s future,” suggesting they would effectively raise levies on middle-class families by as much as 25 percent.

Turns out “the vast majority” of New Yorkers actually “paid lower taxes in 2018 then they would have under the previous federal law,” wrote McMahon. Even Cuomo himself paid less: just $39,138 on his $211,289 income (18.5 percent), versus $41,765 on his slightly higher $212,776 income (19.6 percent) in 2017.

Add in the fact that the economy is strong — the job market’s hotter than it has been in years — and it’s hard to understate the benefits of the reforms passed by Republicans and signed by Trump.

Read more here.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com