After Congress passed the largest tax cut in three decades, Democrats told us people would be dead in the streets and only greedy, capitalist billionaires would be left counting their money above the corpses. So CBS This Morning launched an investigation to see the total damage that will be inflicted on working families in the coming apocalypse. What they discovered was there won't be any doom or gloom after all.
Flying in the face of the Left’s predictions, CBS reported that “most Americans will get a tax cut next year.” The morning show profiled three different families, in three different income brackets, locations, and statuses and discovered tax savings in all three scenarios.
Marcie George works as an administrative assistant in North Carolina. She is a single mother who rents a home and lives paycheck to paycheck on an income of $40,000 per year. She figured that the GOP tax bill wouldn’t have much affect on her but was surprised to learn that she will have an extra $1,300 after taxes next year, thanks in part to the doubling of the child tax credit.
Next is the Edwards family from Providence, Rhode Island. Amber and Jason make a combined $150,000 per year. They have no children and work in academia. The new tax plan would switch them to the simpler standard deduction form. However, they learned that they would pay taxes on an extra $12,000 of income but save $650 overall because of the lower rates. Amber said she was “surprised” to learn they will pay less because they assumed they were going to be paying a lot more.
Last up is Melissa and Layne Lev. This couple has three children and work in the health industry and own a business pulling in $300,000 in annual income. Because they live in Fresno, California, the assumption was astronomical taxes, but they were quite happy to learn they were wrong. CBS’s tax accountant told them they’d be getting $13,000 in tax cuts.
“So, wait a minute — all three families we brought to you, they’re all going to see a decrease in taxes?” the CBS reporter asked in surprise.
“Every single one of those families will have more in their pocket next year,” the accountant said.
After accidentally reporting the good news, the reporter cautioned that these were only estimates and “everything could change in a few years when many of these new provisions expire.”
The media can never be happy for its viewers.