Editor’s note: This commentary is by Deb Billado, chairwoman of the Vermont GOP.
The common narrative being pushed by Democrats and Progressives both in and outside of Vermont is that Republicans only care about the wealthy. Not true. In reality, the facts show that the policies of Republican leaders over the last two and a half years have benefited low-income earners and the working class the most.
The Tax Cuts and Jobs Act (TCJA) of 2017— passed by a Republican-controlled Congress and signed into law by the president — has been tremendously successful in raising the incomes of low-wage workers. By reducing their tax liability, Republican leaders have helped wage earners climb the ladder of economic mobility, unhampered by excessive taxes that discourage prosperity.
In fact, according to the White House Council of Economic Advisors and the Bureau of Labor Statistics, America’s lowest-wage workers have experienced the sharpest wage hikes since the TCJA — with nominal wage increases of an astonishing 8.9 percent. In other words, wages for the 10th percentile of workers grew faster than any other income group reported.
Additionally, the average American household has seen a $5,205 increase in disposable income since the TCJA. And this doesn’t even consider the billions in economic activity that will occur in struggling areas of our country thanks to the new federal Opportunity Zones. It’s clear that American workers are benefiting from our federal changes in tax policy.
Thanks to Republican leaders, we’re helping to grow our economy and reduce the tax burden. And now the results show these efforts are benefiting all Americans and Vermonters, but most especially those in lower-income groups.
Join me in sharing this message of economic progress and wage growth by forwarding this week’s message to a friend.