Following the release of the GOP’s tax plan to give Americans some much-needed middle class relief, Democrat leaders like Nancy Pelosi and Chuck Schumer are already retreating to their corners, using typical left-wing talking points to claim that this outline will only help corporations and upper-income Americans.
Those claims are patently false. A look through this plan shows that almost all Americans will receive tax relief through either lower rates or the doubling of the standard deduction. On top of that, this plan will make American companies competitive with the rest of world, lowering the corporate tax rate and simplifying the code for businesses.
While Schumer and Pelosi rail on this idea, it’s worth remember that they have backed cuts to the corporate tax rate in the past:
SCHUMER: Last October, Sen. Schumer told CNBC that one of his goals for 2017 was “international tax reform” which would include cutting the corporate tax rate.
The Intercept: Democratic Sen. Chuck Schumer Says Top Priority For Next Year Is Giant Corporate Tax Cut
PELOSI: On multiple occasions, Rep. Pelosi has called for cutting the corporate tax rate, even saying in 2016 that it was “long past time for tax reform that would lower the corporate rate, and supporting a plan in 2009 that would have decreased it from its current level.
What’s more is that Democrat claims that the corporate tax cut would only help the wealthy and private businesses is incorrect too. A number of studies have revealed that cutting this rate will provide a direct benefit to middle class Americans:
AEI: Corporate Tax Reform Done Right Can Boost Middle Class Wages
Echoing what AEI had to say, The National Tax Journal found that “labor shares a significant part of the burden of corporate income taxes,” indicating that if those taxes were reduced, everyday workers would reap the benefits, and The Tax Foundation concluded that lowering corporate rates would lead to better standards of living and increased wages for the middle class.
Don’t buy into the left’s phony talking points. This legislation will benefit all Americans and instead of trying to obstruct it for partisan purposes, Sen. Schumer and Rep. Pelosi should recognize the need for this legislation and work with the other side to pass it into law.