(National Sentinel)Â Relief: Millions of American workers are seeing more money in their paychecks following tax cuts passed last year by Republicans and President Donald J. Trump.
Even before Trump signed the Tax Cuts and Jobs Act, companies were already announcing tens of millions of dollars in bonuses for employees, as well as pay raises and increases in investment.
Since the law took effect, tax rates for 90 percent of Americans are keeping more of what they earn, according to the Treasury Department. For a single taxpayer earningÂ $50,000Â annually, this translates to an extra $50 a week, or more than $2,500 a year.
In addition, by almost doubling the standard deduction — now $12,000 for individuals and $24,000 for married couples — the law has expanded the “zero tax bracket.”
For scores of taxpayers, that means the time-consuming and confusing process of itemizing deductions, which has a profoundly positive effect on creating a more fair, simpler tax system.
House Minority LeaderÂ Nancy PelosiÂ has characterized the benefits of tax reform as â€œinsignificant,â€ and, to channel Marie Antoinette, â€œcrumbs.â€
However, ordinary Americans who are not multimillionaires like the House Minority Leader see it differently. More than half of those recently polled byÂ The New York TimesÂ said they approve of the new law — a number that has been growing once more Americans learn of the cuts and see their paychecks rising.
Never miss a single story! Sign up for our daily newsletter by clicking here!