Historically, the political party in power tends to lose big during mid-term elections, so it’s expected that the GOP will lose a significant number of seats in 2018.
While Republicans like Senator Marco Rubio (R) disagree with this train of thought, the historic facts speak for themselves.
But all is not lost for Republicans, as the tax reform bill that President Trump recently signed into law could be the saving grace for them this election cycle as more and more Americans are warming up to the tax reform law.
American businesses are the big winners with the law’s signing, seeing their corporate tax rate cut down from 35 percent to 21 percent. Since the law was passed, some 250 companies, including AT&T, Walt Disney, Boeing, Comcast, JPMorgan Chase, Apple, Starbucks, Verizon, Walmart, and Wells Fargo, have announced they would increase wages, employee 401(k)for, and bonuses up to $1000.
A $1,000 bonus is a decent amount of cash for anyone, but according to Florida Congresswoman Debbie Wasserman Schultz (D), this bonus doesn’t go “very far for almost anyone.”
In echoing her colleague’s tax cut “crumbs” statement, here is what Rep. Wasserman Schultz said during a town hall meeting with House Minority Leader Nancy Pelosi (D) in Boca Raton, Florida:
“Frankly, if you look at the bonuses, which I haven’t heard of a corporate bonus more than $1,000 so far—which by the way is taxed, so it’s not $1,000,” Schultz said. “And then you spread $1,000 over the course of a year—to think of about how much that is—of course they get it all at once. But I’m not sure that $1,000—which is taxed, taxable—goes very far for almost anyone.”
A recent Politico/Morning Consult poll shows that the Trump’s tax law is supported by 45 percent of Americans. This number should climb significantly when taxpayers begin to receive the corporate bonuses and/or their wage increases.