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On Tuesday, a far-left, George Soros-backed outfit known as the Center for Public Integrity and the socialist British newspaper The Guardian released an 11,000-word report chronicling the passage of the Tax Cuts and Jobs Act. The investigation, which didn’t produce any newsworthy findings, was as banal as it was long.
Embarrassingly, for its corresponding article, The Guardian was forced to go outside the report’s run-of-the-mill reporting for its headline “finding”: supposedly that workers received just six percent of the tax cuts’ benefits. This figure is based, not on the report, but on a shoddy analysis done by a separate activist group. (Even the left-wing Tax Policy Center finds that 85 percent of the tax cut savings this year go to families earning less than around $400,000 a year.) The Guardian article’s headline is, “Workers barely benefited from Trump’s sweeping tax cut, investigation shows.” No doubt this is what the newspaper wanted the investigation to show. Yet, it didn’t.
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So what did the report find? Mainly that passing the tax cut legislation, which brought the corporate tax rate in line with the developed world, created a new deduction for small businesses and eliminated the hated linchpin of Obamacare (the individual mandate), was long and arduous work. Newsflash: There’s some sausage-making that goes into the legislative process.
Because lowering the corporate tax rate to similar levels as Europe, providing overdue relief to small business job creators, and doubling (and making refundable) the child tax credit aren’t exactly controversial, the report focuses on the budgetary impacts of the legislation. While the national debt is obviously a concern, and it’s true that the tax cuts add about $100 billion a year to...
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