The GOP Tax Bill that was signed into law about a month and a half ago is already paying incredible dividends. Although there was skepticism and doubt from some, the effects of the bill have already been greater than anyone could have predicted. For starters, over three dozen companies have given out bonuses to their employees, many of which were $1000. Although it is hard to keep an accurate list because more and more companies continue to announce bonuses, the list includes AT&T, Walmart, Home Depot, Lowes, Hostess and Starbucks. On top of the bonuses, companies such as Wells Fargo have announced that it will raise its minimum wage to $15 and give much more money to charities. Other companies are raising their 401k contributions and others are putting more money into their pensions.
Another major outcome is the large influx of American companies to invest right here in their home country. The largest announcement came from Apple, which now has plans to invest $350 billion, build a second campus, and create 20,000 new jobs right here in America. This comes shortly after the news that Apple will bring back $252 billion in cash that was stored in offshore accounts, giving the federal government $38 billion in taxes from that.
It is also important to note that we are only about two months into this bill’s existence. Due to the large number of logistics involved with changing the tax code, the lower income tax rates only went into effect at the beginning of February. Millions and millions of Americans are going to see larger paychecks overnight. President Trump ran on a platform of helping and fighting for the working class; it seems to me that bonuses and pay increases along with an overall booming economy shows a campaign promise fulfilled.
On top of the incredible boost this has been and will continue to be for the American economy, this bill has done something else. This bill has shown the startling ideological divide that exists between the two major parties in America. It is very important to highlight this over and over again: Every single Democrat in Congress voted against this bill. The leader of the House Democrats, Nancy Pelosi, went so far to say that that tax bill was “the worst bill in the history of the United States Congress”. It is nice to know that the leader of the Democratic Party in the House of Representatives believes this bill is worse than the Fugitive Slave Act of 1850. She then went to double down against this bill, claiming the $1,000 bonuses companies have been giving are “crumbs”. Nancy Pelosi’s disgusting elitist attitude will do her party no favors in the November midterm elections. $1,000 is a lot of money for anyone, especially the many hardworking people of this country who live paycheck-to-paycheck. One party voted for a bill that within two months of passing has given out bonuses, increased domestic investment, increased 401k contributions, increased charitable giving, and lowered taxes for tens of millions of Americans. And every member of the Democrat Party in Congress voted against that bill.
Alexander Grzelak is a campus correspondent for The Daily Campus. He can be reached via email at email@example.com.