Congressional Republicans and President Trump are riding a wave of popular support when it comes to the recently proposed tax cuts that would provide long overdue relief to ordinary Americans and small businesses.
The vast majority of the Americans support such reform. A September ABC News/Washington Post poll finds that four-in-five Americans support tax cuts for working- and middle-class people. A September NBC News/Wall Street Journal poll finds three-in-five respondents say small business tax cuts would be good for the economy. And a recent Politico/Morning Consult poll finds the same number of Americans support the small business and middle-class relief the Republicans’ united tax framework would provide.
Many business, political, and industry leaders also support tax cuts. The Job Creators Network recently submitted an open letter signed by over 60 organization heads and leaders, including former House Speaker Newt Gingrich, U.S. Chamber of Commerce President and CEO Thomas Donohue, and Americans for Tax Reform President Grover Norquist, urging Congress to pass tax cuts now.
Then there’s the Job Creators Network’s tax cut petition, which allows ordinary taxpayers to send a letter to Congress demanding tax relief now. So far, over 125,000 people have signed the petition.
The petition highlights how tax cuts will help hardworking taxpayers and small business owners keep a little more of their earnings to give them some financial relief. It explains how tax reform will also reinvigorate communities bypassed by the economic recovery because it would keep more money on Main Street, leading to business expansion, rising wages, and more jobs.
Next month, small business owners who have personally been victimized by current levels of over-taxation will hand-deliver this petition to Congress to demonstrate just how important and popular tax cuts are.
Economic and survey evidence back up the claims made in the petition. A new White House Council of Economic Advisors report that reviews the best nonpartisan economic evidence shows that high business taxes hurt not only businesses but also their employees and communities because business owners must pay for over-taxation out of funds that otherwise could go to worker raises.
A recent Job Creators Network nationwide survey of small business owners helps explain this economic evidence. It finds that a majority of respondents would use their tax cut savings to raise wages, hire employees, and/or expand operations.
More money circulating in the economy can help the country get back to its historic three percent growth rate. That’s what happened after the last major tax cut – which occurred during the Reagan Administration – as it set the stage for nearly two decades of three percent growth (and several years of four percent growth).
What do economic growth rates mean to the average person? They mean living standards rise at a noticeable rate or not. At three percent economic growth, living standards triple over a lifetime. At the current two percent malaise, they merely double. (At four percent, they double every 18 years – quadrupling over a lifetime.)
No wonder the vast majority of ordinary Americans support tax cuts. They will be the biggest beneficiaries. It’s time for Congress to listen to the will of the people and pass tax cuts now.