The Tax Cuts and Jobs Act – passed and signed into law at the tail end of 2017 – has been a boom for the economy. Wages are on the rise, job creation remains healthy, businesses are expanding, and many Americans are seeing more money in their paychecks.
This reality seems much different than the rhetoric spewed by opponents of the tax relief bill – many of them saying that the legislation simply helps corporations and the wealthiest one percent at the expense of the working class. But, this is obviously not the case.
The confusion seems to stem from a lack of understanding of basic economics in a largely free market system. As those at the top – both businesses and individuals – benefit from financial relief, that prosperity trickles down and translates to employee investment, company expansion, and further entrepreneurial endeavors that have the potential to amplify this economic advancement even more.
But let’s be clear. Economic prosperity from this tax bill doesn’t just trickle down from big business, but also from small business – which experienced great relief from many measures included in the tax legislation. For example, it doubles the standard deduction, creates a new 20 percent deduction for pass-through small businesses, and eliminates higher tax brackets in favor of new lower ones.
It’s through these small business entrepreneurs and their tax cuts induced financial relief that we have heard some of the most amazing stories of wealth conversion. For example, Guy Chemical in Pennsylvania is reinvesting the financial savings into 10 additional jobs and increasing their employee bonuses by 25 to 50 percent. And Joseph’s Lite Cookies in Florida gave bonuses of roughly $4,000 to all employees.
And more importantly for AAHOA members, the hotel industry will especially benefit from the tax savings. Not only will hotels and their franchises receive direct financial relief through the measures in the tax bill, but an uptick in customers is also expected. Since both businesses and individuals will have more money in their pockets, they’ll be able to travel more often and for longer – whether these excursions are for pleasure or professional purposes.
In fact, according to TravelClick, there has already been an uptick in booking during the months following the implementation of the tax cuts legislation when compared to the same time last year.
These are the kinds of stories that are being underreported in the mainstream media and it’s leaving the American people vulnerable to the harmful anti-business, anti-growth agenda.
This is why my organization, the Job Creators Network, has launched the Tax Cuts Work campaign – an initiative aimed at arming the public with the truth about how the tax relief bill is helping businesses, individuals, and entire communities across the country. We will be traveling to nearly 30 states over the coming months on the Tax Cuts Work bus tour to spread this message.
Any skepticism about the effectiveness of the Tax Cuts and Jobs Act should now be extinguished – it’s obvious that the tax cuts are working and are benefiting millions of Americans and the businesses that line main streets across the country. It’s now only a matter of making that truth known.