More money and better job security — who wouldn’t like that?
We asked readers of The Western Journal to let us know what, if any, impact the president’s Tax Cuts and Jobs Act of 2017 has had on their family’s bottom line. The vast majority said it has resulted in more money in their pockets, with the amounts varying to relatively small increases to amounts that are making a significant improvement in their lives.
Others noted the cuts to their employer’s tax rates have prompted bonuses, higher wages and better opportunities for workers.
“The tax cut didn’t make me rich … about $60 a month,” said Judith Nunemacher in describing how much more she’s keeping from each check. “But the cuts helped the small factory I work for. Last year and the years before, we were laid off a lot. This year, the economy picked up and we’re working steady, even getting overtime. So the tax cuts have helped me.”
Pamela Eder echoed a similar sentiment.
“My husband is bringing home more in his paycheck each week,” Eder said. “I also heard his company will be giving out raises soon.” She also claimed that the improvement in the stock market — also influenced by the president’s tax cuts — has helped boost the value of her husband’s 401k account by nearly $10,000.
Kimberly Anchak said the real payoff will come next year. “My projected tax liability for 2018 is $5,000 less than 2017,” Anchak said, who also said her husband’s paycheck has increased. “We just bought our dream home!”
While some Democrats tried to downplay the impact of the tax cuts — House Minority Leader Nancy Pelosi referred to the additional money provided to Americans as “crumbs — several readers appreciated the fact the president did something to help the working class.
“I now have approximately $200 more per month in our checking account,” said Robert Cook. “That is not crumbs or peanuts!”
“We are receiving just over $100 more per month than before the cuts went into effect,” said Sam Shufelt. “We certainly are happy that finally someone cares about the little guy.”
Dustin Harmon said he’s seen some increase in his paycheck, but says the benefits are more widespread.
“The best thing is what it is doing to America as a whole,” Harmon said. “The economy is actually growing again, and some of us still believe that what’s good for America is good for me.”
Not everyone was happy with the net result of the tax cuts on their individual situation.
“My wife got $120 more per month in take-home pay, but my Medicare and drug costs went up $140,” said Ron Torrey.
Jolene Ashcraft noted that any benefits from the tax cuts have been eaten up by other increases.
“Insurance is going up, gas on the rise, Social Security threatened, Medicare increasing,” she wrote.
It will take years before the full impact of the president’s tax cut plan will be evident. But based on the first six months of this year, the majority of people who reached out to us are echoing a common theme: so far, so good.
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