skews13
Diamond Member
- Mar 18, 2017
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When Donald Trump came into office, he did so in an election that also gave Republicans a four-seat edge in the Senate and a whopping 47-seat advantage in the House. For two years, Republicans had nearly free rein to do whatever they wanted, and what they wanted was a massive tax cut for wealthy Americans and corporations.
Former Speaker of the House Paul Ryan sold the package as a “middle-class tax cut,” but the truth was the bill got rid of medical deductions used by millions of lower-income Americans to make room for massive corporate tax breaks. Ryan and other Republicans predicted that the tax cut would more than pay for itself, generating $1 trillion in economic growth. Trump called it “rocket fuel” for the economy.
The so-called “Tax Cuts and Jobs Act” passed with only Republican votes in the House and Senate, and almost from the beginning, it was clear that the bill was not what they had claimed. More than 60% of the savings went to people at the top of the income ladder. Revenues fell even more than the Congressional Budget Office had predicted before the law passed. Republicans behind the bill were forced to admit that it might never pay off, and Ryan was left bragging about a school secretary who was “pleasantly surprised” by a $1.50 weekly raise.
And now, after six years, the National Bureau of Economic Research has completed the most detailed, in-depth analysis of the results of the Trump tax cut. And what the nonprofit found was what seemed obvious before the bill was passed: It may have stimulated some corporate growth, but it ballooned the debt while producing a fraction of predicted benefits.
There is no benefit. Imagine that.
Former Speaker of the House Paul Ryan sold the package as a “middle-class tax cut,” but the truth was the bill got rid of medical deductions used by millions of lower-income Americans to make room for massive corporate tax breaks. Ryan and other Republicans predicted that the tax cut would more than pay for itself, generating $1 trillion in economic growth. Trump called it “rocket fuel” for the economy.
The so-called “Tax Cuts and Jobs Act” passed with only Republican votes in the House and Senate, and almost from the beginning, it was clear that the bill was not what they had claimed. More than 60% of the savings went to people at the top of the income ladder. Revenues fell even more than the Congressional Budget Office had predicted before the law passed. Republicans behind the bill were forced to admit that it might never pay off, and Ryan was left bragging about a school secretary who was “pleasantly surprised” by a $1.50 weekly raise.
And now, after six years, the National Bureau of Economic Research has completed the most detailed, in-depth analysis of the results of the Trump tax cut. And what the nonprofit found was what seemed obvious before the bill was passed: It may have stimulated some corporate growth, but it ballooned the debt while producing a fraction of predicted benefits.
Trump’s tax cut came up very short of promised benefits
When Donald Trump came into office, he did so in an election that also gave Republicans a four-seat edge in the Senate and a whopping 47-seat advantage in the House. For two years, Republicans had ...
www.dailykos.com
There is no benefit. Imagine that.
