As Nevadans pay less taxes for the second year in a row on tax-day, it serves as a reminder of President Trump’s fulfillment of his promise to lower taxes. Thanks to President Trump’s signing of the Tax Cuts and Jobs Act, Nevadans will continue to see more money in their pockets.
Thanks to President Trump, over 80% of middle-income Americans experienced a tax cut, the biggest winner though, were lower middle class families who received the largest cuts. Nevadans all around the state received a tax cut, the average tax cut for cut for middle-class households was $1,341.
A major benefit of the Tax Cuts and Jobs Act is the doubling of the standard deduction. This will provide families tax relief and simplify the tax filing process in general. Over 90% of households in Nevada choose to take the standard deduction. The equates to over one million households throughout the Silver State.
Thanks to Republican’s bold tax cuts, Nevada businesses are able to expand the size and scope of operations while helping their employees with more hiring, pay raises and increasing employee benefits. Utility companies in all 50 states are passing on the tax savings in the form of lower electric and gas from Nevada companies like NV Energy, Southwest Gas and Universal Plumbing and Heating Co. Additionally, companies like the South Pointe Hotel and Casino and Kalb Industries of Nevada have given raises and bonuses to their employees which will assist in stimulating the economy.
Meanwhile, Joe Biden has stated the “first thing” he would do if elected is repeal President Trump’s historic tax cuts. That coupled with Joe Biden’s proposed tax raises, $4 trillion would be passed directly to 80% of American tax-payers. This would be incredibly detrimental and burdensome on middle class families, businesses and investors. Joe Biden’s tax policy is heavily influenced by Bernie Sanders’ socialist ideas through their joint unity platform, which would lead to an immediate $2,000 tax hike for a typical Nevada family of four.
President Trump continues to put working families first, while Joe Biden pays them no mind by threatening to cut the child tax credit in half after the President doubled it in the Tax Cuts and Jobs Act. With help from Ivanka Trump, President Trump’s over 100% increase to the Child Tax Credit has benefitted over 225,000 Nevada households. It’s important to remember that every single democrat voted against giving Nevada families this tax cut as well as the Child Tax Credit.
To congressional democrats’ and Nancy Pelosi’s dismay, President Trump’s tax relief was far from the “Armageddon” predicted. On the contrary, it has played a pivotal role in reigniting our country’s economy while assisting in job creation, even during these difficult times with the pandemic.
Nevada’s manufacturing industry is also thriving under President Trump. Since taking office, over 14,000 new manufacturing jobs have been created around the state. However, Joe Biden would reverse all that progress by raising corporate rates by a third. This would lead to a significant number of jobs throughout the Silver State going back abroad.
Joe Biden, on the other hand, continues to back policies that will raise our taxes astronomically. Proposals including big government run health care which would raise taxes by $16 trillion and his support for the disastrous Green New Deal which would partially be funded by a 70% tax rate are two such examples.
President Trump, in complete contrast to Biden always put American workers first. He believes Nevadans deserve to keep as much of their paychecks as possible, while still paying taxes for infrastructure and the military.
Americans cannot afford the tax increases of a Biden Administration, especially not during a worldwide pandemic.
With the election around 100 days away, the Silver State will remember the financial benefits received under the Trump Administrations. Lower taxes, higher savings and lower expenses all thanks to the leadership of President Trump and his Administration. President Trump believes money is best kept in the hands of the American people, and the American people trust the Economy in the hands of President Trump.
Michael J. McDonald is Nevada’s Republican Party chairman.
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