No, Kamala Harris, you cant tax America to prosperity

The two of us worked to help design and then pass through Congress Donald Trump’s 2017 tax-cut bill in 2017.We’re proud of that because the overwhelming economic consensus based on real-world evidence is that the Tax Cuts and Jobs Act worked — even better than we’d predicted.But after four years of the Biden-Harris administration’s inflationary policies, American workers have less savings, more credit-card debt and smaller paychecks.And with the election fast approaching, things could get worse for the working class: Vice President Kamala Harris could win and keep her promise to repeal the Trump tax cuts. Democrats disparage the Trump tax cuts as a “tax cut for the rich,” but the evidence is clear: All incomes benefited from a rise in take-home pay and the ramp-up in the American economy.  Real wages for workers in the middle of the income scale increased 4.9% — the fastest two-year growth in 20 years — and real median household income rose by $5,000 from 2016 to 2020. The poverty rate and unemployment rate reached their lowest levels in 50 years, with all-time lows among African-American and Hispanic workers and those without a high-school degree.

Americans earning under $100,000 a year received an average tax cut of 16%, while the share of taxes paid by the top 1% increased.How is that a “giveaway” to the rich?  It’s no coincidence the best year for manufacturing-job creation in 21 years was the year immediately following enactment of the Trump tax cuts.Manufacturers added 263,000 new jobs, and manufacturing wages increased by 3%, growing an additional 2.8% in 2019.Contrast that record with Biden-Harris’.

Since Trump left office, real weekly earnings for middle-class workers are down by about 3.6% or an estimated $2,000 in annual purchasing power.That’s because prices are at least 20% higher for most grocery items, gas, utilities and housing costs.But paychecks have lagged behind.This runaway inflation didn’t happen by accid...