Their corporate benefactors made out like bandits. Everyone else? Not so much.
Gird yourself. Shocking News. The GOP tax cuts didn’t pay for themselves:
The corporate tax cuts that President Donald J. Trump signed into law in 2017 have boosted investment in the U.S. economy and delivered a modest pay bump for workers, according to the most rigorous and detailed study yet of the law’s effects.
Those benefits are less than Republicans promised, though, and they have come at a high cost to the federal budget. The corporate tax cuts came nowhere close to paying for themselves, as conservatives insisted they would. Instead, they are adding more than $100 billion a year to America’s $34 trillion-and-growing national debt, according to the quartet of researchers from Princeton University, the University of Chicago, Harvard University and the Treasury Department.
The researchers found the cuts delivered wage gains that were “an order of magnitude below” what Trump officials predicted: about $750 per worker per year on average over the long run, compared to promises of $4,000 to $9,000 per worker.
If the Democrats could win the trifecta in November, they should be able to let these ridiculous tax cuts expire. (Maybe … there’s always the filibuster.) With the economy roaring and plentiful jobs with people already getting large wage increases it should be a slam dunk but probably won’t be. The stock market is exploding Those people are awash in a tsunami of money. The idea that they aren’t paying their fair share is outrageous.
And the idea that a majority of Americans are so brainwashed that they want to give them even more is profoundly disturbing.