As a shock to no one ever, the U.S. Tax Cuts and Jobs Act of 2017 did nothing to improve job numbers and “few corporate behaviors were significantly affected by change in effective tax rate,” according to a study posted on Columbia Law School Blog. Republicans offered nothing new while trying to pass the tax scam, and the trickle-down policy that never worked before was passed on down to the public as some new concept, but it was a failed Reagan-era policy.
The changes, according to the analysis, generally reduced the effective and marginal tax rates of U.S. corporations, and CEO compensation increased. The number of employees was not affected. Quelle surprise!
Trump’s tax cuts for the rich were just — wait for it — tax cuts for the rich. The analysis shows that “economic growth has shown no sign of increasing to nearly the extent necessary for the tax cut to ‘pay for itself.'” But, that’s what Republicans promised.
After two years, Trump’s tax cuts are not on track to pay for themselves, according to what the latest Treasury data released suggests.
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While on the campaign trail in 2016, Trump vowed to eliminate the budget deficit within eight years. It’s three years into his “presidency” now and the deficit is 68 percent higher than when he took office.
According to the analysis:
…the United States now faces the largest federal budget deficit it has ever experienced during a period of peace and economic growth. While the long-term impacts of fiscal profligacy are as uncertain as the tax policy effects on economic growth, we should expect that a sizable reduction in federal tax revenue comes with some economic benefits to offset the burden of increased debt. Based on our study, we have not yet found any such benefits in the post-TCJA behavior of U.S. corporations.
Jinkies, it’s almost as if Republicans just pretended to be fiscal conservatives when Barack Obama was in office, then, for some reason, they handed to keys to the White House to a former reality show star with zero political experience. But Donald Trump does have a lot of experience with bankruptcies. But hey, they got their tax cuts for the rich and that’s what’s been driving Republicans to defend that illiterate and math-challenged swamp monster who is squatting in the White House.
Once again, when a Democrat takes the White House, he or she will have to clean up the mess Republicans left behind for the rest of us poor rubes.
Featured image via screen capture
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