From:
US Congressman David Schweikert
Representing Arizona’s 6th District.
MYTH: Tax Reform only helped the rich.
FACT: Tax Reform significantly reduces taxes for low and middle income families.
After passing tax reform, many said the legislation only gave a tax cut for the rich; however, the data is clear that the TCJA actually expanded the portion of taxes the top 20% were paying. In 2018 and 2019, low- and middle-income families saw the largest gains in wealth growth, according to the Federal Reserve.
Low-income families saw their net worth increase 37%.
Middle-class families saw their net worth increase 40%.
Wages for women, minority, and youth populations grew substantially in 2018 and 2019. In 2019, many of our jobs reports were showing record low unemployment for African Americans, Hispanic Americans, and Asian Americans. From 2017 to 2018, Arizonans making $25,000 – $49,999 saw an 11.5% decrease in their federal tax liability, and Arizonans making $50,000 – $74,999 saw a 13.0% decrease in their federal tax liability*.
The booming economy in 2018 and 2019 must be the goal for our recovery. In order to achieve this, we must make these tax cuts permanent, and continue to develop trade deals with other nations, incentivize growth, and help our brothers and sisters safely return to work.