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No, Kamala Harris, you can’t force America into prosperity
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No, Kamala Harris, you can’t force America into prosperity

We both worked to help design and then move to Congress Donald Trump’s 2017 tax cut bill in 2017.

We’re proud of it, because the overwhelming economic consensus, based on real evidence, is that the Tax Cuts and Jobs Act worked – even better than we predicted.

But after four years of inflationary policies from the Biden-Harris administration, American workers have fewer savings, more credit card debt and lower wages.

And as the election approaches, things could get worse for the working class: Vice President Kamala Harris could win and keep her promise to repeal the Trump tax cuts.

Democrats view Trump’s tax cuts as a “tax cut for the rich,” but the evidence is clear: All incomes benefited from the rise in net wages and the growing strength of the American economy.

Real wages for workers in the middle of the income scale increased 4.9% – the fastest two-year growth in 20 years – and median real household income increased by $5,000 between 2016 and 2020.

The poverty rate and unemployment rate have reached their lowest levels in 50 years, with unprecedented levels among African American and Hispanic workers and those without a high school diploma.

Americans earning less than $100,000 a year received an average tax cut of 16 percent, while the share of taxes paid by the top 1 percent increased.

How is this a “gift” for the rich?

It’s no coincidence that the best year for manufacturing job creation in 21 years was the one immediately following Trump’s tax cuts. Manufacturers created 263,000 new jobs and manufacturing wages increased 3%, an additional 2.8% growth in 2019.

Compare this record with that of Biden-Harris. Since Trump left office, the real weekly earnings of middle-class workers have declined by about 3.6%, or an estimated annual purchasing power of $2,000.

In fact, prices are at least 20% higher for most groceries, gasoline, utilities and housing costs. But wages are lagging behind.

This galloping inflation is no accident, and it is certainly not due to Trump’s policies. Inflation was just 1.4% the month Presidents Biden and Harris took office and launched a $10 trillion spending spree with borrowed and printed money.

Worst of all, the ironically named Inflation Reduction Act pumped billions of dollars into taxpayer-funded green energy subsidies to allow the wealthy to buy electric vehicles luxury composed of pieces made in China.

Harris wants to go even further and do even more damage. Under his plan, a family of four earning $75,000 will pay $1,500 more in taxes. A family of five with two earners earning about $100,000 will have to pay nearly $7,500 more in taxes. This would be the largest tax increase ever imposed on the middle class.

Not only did these families get a tax cut thanks to Trump’s 2017 tax break, but filing taxes also became easier. More than 90% of taxpayers have chosen to take the standard deduction doubled by law, reducing the need to file detailed and complicated tax returns.

Harris’ plan would be an instant tax increase while increasing the burdens and complications of filing.

Harris says small businesses are the backbone of the economy and promises to help them. Really? Under his plan, the small business tax rate would increase to more than 44%.

Trump’s tax cut included a 20% deduction for small businesses, allowing them to compete with large corporations, which Harris would defeat. Small businesses would pay a higher tax rate than some of the world’s largest corporations.

There’s an old saying that Democrats love work but hate employers.

They think they can tax American families and businesses to make them prosperous.

We would like to know when and where it worked.

Jason Smith, a Missouri Republican, is chairman of the House Ways and Means Committee.. Stephen Moore is a visiting scholar at the Heritage Foundation whose latest book is “The Trump Economic Miracle.”