Ugenti-Rita: Arizona Small Businesses Will Benefit from Tax Bill

Michelle Ugenti-RitaA little over a month ago, President Trump signed the Tax Cuts and Jobs Act into law, and Americans are already feeling better than ever about the state of our economy. In a recent poll from Quinnipiac University, 66 percent of Americans rated the nation’s economy as either “excellent” or “good”—a three percentage point jump since last month.

It’s difficult to not be excited about the impact the tax bill is having on Arizona and its small businesses. The relief could not have come sooner.

Arizona is home to nearly 500,000 small businesses that employ approximately one million people. For too long these entities have struggled under a burdensome tax code that has prevented growth. With the previous federal tax rate approaching 40 percent, small businesses saw much of their hard-earned revenue disappear into the pockets of Uncle Sam.

Fortunately, measures included in the new tax relief package will reduce this burden. The Tax Cuts and Jobs Act created a 20 percent standard deduction that applies to roughly 95 percent of small businesses and eliminates high tax brackets in favor of new, lower ones.

To put the standard deduction in layman’s terms, with the help of the new tax legislation, small businesses earning $200,000 a year are able to shield their first $40,000 of income from taxation. That extra cash can now be funneled into employee bonuses, wage increases, job creation, and business expansion. These measures will further bolster Arizona’s pro-business, pro-growth reputation.

According to a report by BMO Financial Group, Arizona’s business environment is already strong. While most state economies are expected to grow by an average of 2.2 percent, Arizona anticipates 2.8 percent growth in 2018. The tax cuts package will only accelerate that advancement.

In fact, we are already seeing some positive results in the state. Arizona-based YAM Worldwide announced it will be giving out $1.3 million in bonuses to its employees. Furthermore, over 1,000 JPMorgan Chase employees in Arizona will receive wage hikes or bonuses as part of the companies nationwide $20 billion, five-year plan to invest back into the country.

In addition, a report from the nonpartisan Tax Foundation found the bill will create almost 6,500 jobs in the state.

These must be the “crumbs” Nancy Pelosi and the Democrats scoffed at while trying to explain away the benefits resulting from tax relief. For some, these “crumbs” represent eased rent worries, the ability to afford childcare or help with the skyrocketing costs of healthcare.

The examples chronicled above are only a small piece of the benefits the tax bill has induced. Imagine the impacts Arizona will feel a year from now.

Rep. Michelle Ugenti-Rita (R) is the Chair of the Arizona House Ways and Means Committee and represents the 23rd House District

EU Video Going Viral: Nigel Farage Speaks Out on the Euro Debt Crisis

Like Daniel Hannan, Member of European Parliament Nigel Farage is a plain-spoken Brit who sees what is happening across Europe and cannot remain silent.  The video below, uploaded June 13, is titled “The Genius of Mutual Indebtedness.”  It is fast going viral.

How will the EU countries respond to Farage?  Will they finally begin pulling back on their socialist welfare state?  Or will they perhaps re-lower the retirement age as the socialist president of France, François Hollande, just did? Or perhaps they will look for some convenient scapegoats?

Given our own debt and over-spending problems in the US, how much sympathy should we have for our EU friends who, protected for 60 years by an American-taxpayer-funded military umbrella, have fully embraced the socialist welfare state as their preferred political model?

For more on the EU debt crisis, see the video below in which Farage engages in dialog with Ken Livingstone, former Mayor of London.  The discussion is primarily about EU debt. Livingstone is known to Americans largely for his open policies on immigration that have led some to call London “Londonistan”.

Put “Nigel Farage” into a YouTube search box, and you will find many more occasions where Mr. Farage speaks out against the EU both in its concept and its execution.

Why should we in America care about all this? As I wrote in a post last October, “Europe is living in our future and we don’t want to go there.”  Consider where Agenda 21 advocates are trying to take America and picture a global version of the EU enveloping and smothering our country.

If well-intentioned, kind-hearted Americans really want to help Europe in this looming debacle, the best thing we can do is (1) send the Obama entourage back to Chicago and the faculty lounges of the Leftist universities from whence they came, and (2) restore free markets, Constitutionally limited government, and fiscal/personal responsibility.  The resulting boom in America will be the example European and other countries need to set things right.