* The tax cuts had virtually no effect on wages, haven’t contributed to a surge in investment, haven’t come close to paying for themselves, and didn’t deliver a tax cut to the average taxpayer.
From Think Progress
This tax bill is already reshaping the real-world economy in ways that limit the prospects of ordinary people, potentially reinforcing the structural inequities that adversely impact democratic society.
* The tax cuts produced less than one-twentieth (5%) of the economic gain needed to pay for themselves.
* The GDP growth rate for 2018 matches the growth rate for 2015, the last year of the Obama administration.
* A trillion dollars went to shareholders. Most working people aren’t shareholders.
From Michael Hiltzik of the Lost Angeles Times
The tax cuts did almost nothing for ordinary Americans and may even have cost them money. The apparent gains in their income were negligible and short-lived. Wealthy Americans reaped the benefits of lower taxes and higher dividends. The cuts had a negligible effect on U.S. economic growth while depriving the government of revenue.
No comments:
Post a Comment