The tax bill championed by congressman Steve Knight (R-Palmdale) continues to be a failure on multiple levels, and Americans continue to reject it.
A new Gallup poll shows an astounding 77 percent of Americans say the tax bill has either not helped their financial situation, or only helped a little.
Further, almost 2 in 3 Americans (64 percent) say they have not seen any increase in their take-home pay.
Of course, there is one segment in the poll who are doing just fine: “Upper-income Americans are most likely to say the law has helped their family’s finances.”
When the tax bill was moving through Congress, Knight tried to spin it as a bill that “puts American families first.”
But that’s just not the case, as American families are noticing. According to Gallup, “most workers in the U.S. should have seen modest increases in their paychecks starting in February,” but polls have consistently shown that families just aren’t seeing it.
Wall Street banks are seeing record profits while wages for families, adjusted for inflation, are stagnant or falling. Thanks to the tax bill, corporate CEOs are lining their own pockets through billions of dollars in stock buyback schemes while American families on Main Street continue to struggle.
And for Californians, the tax bill brings a double whammy. In addition to seeing little to no benefit from it, many families will see their taxes go up.
At issue is the state and local tax deduction, a tax break used by millions of California homeowners. In the 2017 tax bill, Knight voted to cap this deduction at $10,000, which will result in thousands of families paying higher taxes next year.
“That means on average, Californians who use the deduction will owe more than $8,000 in federal income taxes per year while the current cap is in place,” reported McClatchy. “For most, that’s substantially more than the benefit they receive from tax cuts.”
It is little wonder that Americans continue to reject the GOP tax bill.
While Knight had no qualms adding trillions to the national deficit pay for corporate handouts, families balancing their checkbooks at the kitchen table don’t have that luxury of taking on massive debt.
Americans know a failing policy when they see it, and Americans are clearly rejecting the economic policies of Knight and Republicans.