I am tired of hearing people say that the top 1 percent are the only people who benefit from the Tax Cuts and Jobs Act. Research done by the CATO Institute shows that the middle class is benefiting MORE than the upper class, “by far the largest percentage tax cuts go to the middle class. The middle quintile received a huge 31.6 percent income tax cut, which is three times the 10.6 percent cut received by the top quintile. The top 1 percent received a much smaller cut of 6 percent.”
For someone who is wealthy an extra $40 in a paycheck may not seem great, but speaking as a middle-class individual, that is fantastic. I can use that extra amount to go get more groceries or fill up my car.
I am thankful for Rep. Cathy McMorris Rodgers for helping push these cuts through the House. She understands her district and wants to see that we are represented in D.C..
With regard to our great economy, more and more middle-class workers are relying on 401(k)s to supplement their retirement. Defined-benefit retirement plans are gradually going away. This means that the health of the stock market has a huge effect on our future financial freedom.