The results from a new poll from Politico shows that over 50 percent of Americans are reporting that they are not seeing pay raises after the enactment of the Republican Tax overhaul. 53 percent of people said that they had not noticed an increase in pay with their paychecks; 37 of the people who were polled said that they did have an increase in their wages.
The Republican lead congress and the Trump White House have both praised tax cuts as a way to speed up economic growth, but this poll from Politico shows that the common consumer has not seen an increase in pay from their employers.
People who were in opposition of the enactment of the Republican tax plan claim that the new guidelines greatly benefit the wealthy individuals and multi-million dollar companies the most. Despite the findings of the poll, Politico also discovered that 45 percent of people support the tax plan and only 35 percent oppose it.
Some corporations claim that there is no reason to give their employees a bump in pay due to the fact that they will be paying slightly less in taxes. For some people, the savings after the new tax plan is as little as 60 dollars per year.
If you are one of the individual who didn’t see a pay increase this year, I’m afraid I have some more bad news for you. Experts say that gas prices will be going up in 2018 due to a multitude of reasons. On the 14th of February, President Donald Trump partially confirmed their suspicions when he said he was a supporter of a 25 cent increase to taxes on gasoline.
The political world has been asking where the Federal Government will get the money needed to provide funds for the newly announced infrastructure plan and now they have their answer: gas taxes. Gas taxes alone are not enough to fund the massive 1.5 trillion dollar infrastructure plan, we could see tax hikes on several other goods such as cigarettes and alcohol in the very near future.