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Every week which I work overtime, I open my paycheck with the naiveté of a newborn or someone spending their first day on Earth. I am so excited to see the fruits of my labors. ‘I may even go out to eat this week, or maybe put it into savings,’ I tell myself with a sheepish grin.
Then I open it.
Reality sets in. I don’t even bother looking at the gross pay. My eyes go straight to that sad, unsatisfying, soul-crushing net pay. Then my pupils dart quickly back up to the culprit: health care premiums and taxes.
“Just let me keep a little more,” I beg the paycheck. No one ever answers. Well, until this year.
President Donald Trump is serious about tax reform. Despite what CNN and MSNBC’s “experts” tell you on a regular basis, the Senate bill isn’t just good for millionaires; it’s good for you too.
If the Senate bill passes, I know a certain lower-middle class writer who has a depressingly small savings account, which may actually have something in it for that rainy day.
What’s in it for me?
That’s a great question. It’s one we ask in secret, but rarely out loud.
If you found this article on Debt.com, the odds are that you’re on the site for a reason. You’re not one of the privileged Americans who don’t worry about paychecks and interest payments. Suffice to say, you want to know how much money you stand to gain.
Off the bat: Your take home pay will be higher. Those of us in the lower-middle class ($40- to $70,000) will get a 7 percent tax cut added back in our paychecks.
I know, I hate percentages too. They just aren’t concrete enough. So, one example we can all live with: If you make $50,000 as a single person, you get $850 in tax cuts.
You can rant and rave on social media about how that money could be spent better in government services. But, in the deep recesses of your brain, think logically. $850 is money you can put aside for spending, saving, or paying for your rising healthcare premiums.
Despite what you will hear, those tax cuts are widespread. The entire middle class will see cuts and only a percentage of the upper class actually get a cut. Keep in mind it is impossible to cut taxes without cutting at least some for the people who pay the most, the wealthy.
Don’t worry about them: Stay in your lane and focus on you. For the first time in a while, the government is offering to let you keep more of your money. In life, and in overcoming debt, every little bit counts.
In the long haul, it has potential to be good for America
If you don’t care about your own fiscal well-being, at least care about America’s. Right? I mean that’s why you were never mad about the high cost of the Affordable Care Act. It helped people. It sort of saved lives.
This bill has the potential to grow the economy. When the economy goes up, so do your retirement, your investments, and your wages.
Early economic projections point to some huge numbers.
When the Tax Foundation ran their model studies it showed, as a result of the Senate bill, you can expect wages to grow by 2.9 percent over the long term. As cost of living increases, we need wages to increase.
This growth spreads to all of America. According to the same study the GDP will increase by more than 3 percent. (That’s something that has happened so far in 3 quarters of 2017. “Experts” said that could never be done.)
So what does that do? Is that just a moral victory? No, according to the same study, that could add close to one million new jobs.
I understand on a country-wide level this all looks marginal. But, it’s not. Stop listening to the “experts” who say, ‘it’s not that big of growth, therefore it’s not worth the risk.’ Yes, it is worth the risk.
These numbers show a healthy growing economy, the likes of which we haven’t seen since the early 2000s. America needs this cut, but more importantly, you need it.
So the question in front of you is to lower or raise taxes. I know it hasn’t been proposed yet, but leading Democrats say we need to increase government spending and use you to do it.
No. We don’t. What we need is legislation that gives something back to the middle class. Don’t worry about the millionaires. They’re going to find ways to make money no matter what.
But, how are you going to pay your higher health care premiums? How are you going to save that extra money? How are you going to be part of a growing economy for the first time in a decade?
How about a plan to keep more of what you earn? That’s a pretty start.
Article last modified on December 22, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Just Take The Money Already: Why You Should Support The Senate Tax Plan - AMP.
Article last modified on December 22, 2017. Published by Debt.com, LLC .