Arlington, VA – Today Generation Opportunity (GO), a group that advocates for policies to improve the lives of young Americans, is launching an ad campaign that shows young Americans how the recently passed Tax Cuts and Jobs Act will provide more take home pay and greater economic opportunity to millennials, and calls on lawmakers to make this tax reform permanent. The new paid ad will target millennials on Facebook, Twitter and Instagram.
“Have you compared your most recent paycheck to one from January,” the video asks. “You really should. Odds are, you may notice a little extra money.”
The ad is part of a larger push by a network of affiliated groups, which have announced plans to spend up to $20 million this year around the benefits of the Tax Cuts and Jobs Act. GO’s efforts are specifically aimed at educating young people about the benefits of the new tax code and encouraging them to urge their legislators to make this tax relief permanent. The new campaign is also geared toward counteracting the false message being pushed by tax reform opponents that the Tax Cuts and Jobs Act is a bad deal for the average American — a talking point not supported by the facts.
Generation Opportunity Policy Director David Barnes issued the following statement:
“The new tax reform law is creating more opportunities, driving up wages and allowing young Americans to keep more of what we earn each paycheck. At a time when our generation faces many unique financial challenges, having more money to save, spend or invest in our future is exactly what we need. Our ad campaign gives young people the opportunity to see how this law is improving their financial wellbeing and expanding economic opportunity for future generations.”
The ad links to a website the group created highlighting the benefits of the tax reform law and allowing users to contact their members of Congress to urge them to make the new tax relief permanent. Click here to view that page.
The Treasury Department estimates 90 percent of Americans will receive a tax cut under the new rules. A single taxpayer earning $50,000 will take home nearly $50 more each week. It is estimated that the typical family of four could see savings of more than $2,000.
The standard deduction was nearly doubled from $6,350 to $12,000 for single filers and from $12,700 to $24,000 for married couples. A larger standard deduction will simplify tax filing and effectively create a larger “zero tax bracket.” Because of the larger standard deduction, fewer young Americans will have to go through the hassle of itemizing their deductions. This change is fundamental to a simpler, fairer system.
Tax reform lowered the corporate tax rate to 21% starting in 2018, encouraging investment and creating more job opportunities for young people.
Since the passage of the tax reform law, over 400 employers have already announced employee bonuses, pay raises, or increased benefits due to the new law. Apple is giving most employees $2,500 stock bonuses, building a new campus and hiring 20,000 new employees. Chipotle announced $1,000 cash bonuses for restaurant workers as well as improved parental leave. Disney also announced bonuses and is creating a $50 million program to help employees pursue higher education and vocational training.
Smaller businesses have passed the benefits of tax reform on to their employees as well. Bruns General Contracting in Tipp City, Ohio, is buying more equipment and strengthening retirement benefits. The owners of Don Ramon Restaurant in West Palm Beach, Fla., plan to expand their business and hike pay for employees.
Generation Opportunity is a national, nonpartisan movement for more freedom, better opportunities, and a brighter future for all young Americans.