Before the Republican tax bill was passed, the media narrative focused on how it would only benefit the wealthy. Once it was passed (after a bit of procedural drama for good measure), that narrative went into overdrive. No matter what statistics or examples the GOP may have pointed the media toward, that was the story, and they were sticking to it. However, as our second president pointed out, facts are stubborn things — even more stubborn than media outlets are.
CBS found out the timeless sagacity of Mr. Adams’ advice the hard way.
After the tax bill passed, the network decided to run a segment that looked at how three separate American families from three different parts of the country would fare under the Republicans’ new tax plan. The original idea, one would assume, was to highlight the inequality therein.
Instead of the hit job one assumes some were looking for, however, CBS found that all three families ended up saving money.
The first profile was of Marcie George, a single mother who rents a home in Cary, North Carolina.
“It didn’t seem as they were going along like it would really affect someone like me,” George said.
An administrative assistant, George makes under $40,000 a year. “Financially, I struggle,” George said. “I live paycheck to paycheck. I make things work, I readjust and rearrange, but we do get by.”
Remember that we were told incessantly by the left that Ms. George and her child were going to be the kind of people who would get the shaft under the GOP tax plan. So, how did things end up for her? Pretty well, we’d say: over $1,300 saved, in part thanks to the child tax credit doubling.
Amber and Jason Edwards, a couple from Providence, Rhode Island, are slightly higher up the tax bracket than Ms. George is. Homeowners who are married without children, the educators took in a combined $150,000. While the Edwardses would pay taxes on $12,000 more of their income, according to CBS’ accountant, they would end up saving money based on the lower tax numbers, saving the family $650. They would also switch to the standard deduction, meaning a simpler return.
“Honestly, I’m a little surprised,” Amber Edwards said, turning to her husband. “What you had said, initially, you thought we were going to have a higher tax bill.”
And he was wrong.
Meanwhile, Melissa and Layne Lev of Fresno, California have three children and own their home and a small business. They too thought their taxes were going to be higher, although Melissa had trouble explaining why she thought this was. They make roughly $300,000. Even though they’re from a high-tax state — one where most individuals likely think that they’re going to get hit hard by the reduced state tax deductions — they ended up saving money too.
They’ll be receiving $13,000 in tax cuts, thanks to receiving child tax credits and not paying the alternative minimum tax.
Can you imagine the tears in the CBS newsroom as the results poured in? It’s like a mini-election night all over again!
So, yes, as much as this is apparently just a tax cut for the rich, everyone — the Georges, the Edwardses and the Levs — will be seeing money back thanks to tax reform. And these are hardly modern-day Vanderbilts, either, meaning this is money that’s going to be going directly back into the economy.
Talk about a Christmas present for everybody. Unless you’re part of the Democrat caucus, of course.
H/T PJ Media