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I wanted to bring this up earlier, but I was on vacation last month.
Forget that the cuts were summarily panned by noteworthy economists: it's now increasingly undeniable that they served no purpose, other than to make the rich richer, and to make the middle class poorer. One hand washes the other hand - the rich buy boats and the poor lease bread.
https://www.delawareonline.com/stor...06/verdict-gops-tax-cut-didnt-work/762503002/
Was it just that Trump supporters are actually supply-side ideologues and actually wanted multinational corporate entities and oligarchs to keep more money and for the rest of us to get busy sucking cock for bus fare? Or would they concede that their daddy sold them down the river?
Forget that the cuts were summarily panned by noteworthy economists: it's now increasingly undeniable that they served no purpose, other than to make the rich richer, and to make the middle class poorer. One hand washes the other hand - the rich buy boats and the poor lease bread.
Despite the original Congressional Budget Office projection that the tax cut bill would increase the federal budget deficit by $1.5 trillion over the next 10 years, President Trump and his team insisted that the cuts would generate so much growth they would pay for themselves. As laughable as that was six months ago, it is even more so today.
The CBO has already increased its budget deficit projection to $1.9 trillion, and it has been my experience that when deficit projections start going up they get even worse over time.
One has to wonder how, after decades of campaigning as deficit hawks, Republican members of Congress will be able to talk about “fiscal responsibility” with straight faces.
“The top 55 companies on the 2017 Fortune 500 list, including corporate giants like Apple Inc., Alphabet Inc., and Pfizer Inc., expect to pay about $131 billion in taxes on their earnings stockpiled overseas,” Bloomberg reported. “The amounts those companies — excluding the ones that are private or government-sponsored — are disclosing in their annual and quarterly earnings reports show that the revenue from the law’s repatriation tax will likely fall far short of lawmakers’ and the Trump administration’s expectations.”
Andrew Silverman, a Bloomberg Intelligence tax analyst, remembered Trump saying, “We’re going to get $5 trillion in cash held abroad.”
“I suspect it’s going to be a heck of a lot less than that,” Silverman said, “based on the taxes companies expect to owe.”
Shockingly low revenue from expatriated funds is just the tip of the disastrous iceberg the tax bill has become. The Americans for Tax Fairness released its Six-Month Report Card and found much more:
“Although President Trump promised the average worker would see a $4,000 pay raise due to the tax cuts, only 4 percent of workers so far are getting a bonus or wage hike," the report said. "Only 402 of the nation’s six million employers have announced any plans to share their tax cuts with employees through bonuses or wage hikes. The total is estimated at $7 billion so far."
The report card continued: "But that pales in comparison to the $77 billion in tax cuts that just 156 corporations are getting this year. Corporations are giving huge windfalls to their CEOs and wealthy shareholders in the form of stock buybacks, as they own most stock. Corporations have announced $484 billion in stock buybacks since the tax law was passed. That’s 69 times more than the $7 billion corporations have promised workers through one-time bonuses and wage hikes."
The report concludes that “Despite the promise that the tax cuts would increase wages, the government reported last week that in the last year average hourly wages for four out of five workers in the private sector have gone down after inflation.”
https://www.delawareonline.com/stor...06/verdict-gops-tax-cut-didnt-work/762503002/
In addition, by effectively repealing the individual mandate in the Affordable Care Act, the tax-cut law will cause:
- 13 million Americans to lose health care coverage by 2025 [CBO].
- ACA insurance premiums to spike by 10%, on average, most years for the next decade.
Was it just that Trump supporters are actually supply-side ideologues and actually wanted multinational corporate entities and oligarchs to keep more money and for the rest of us to get busy sucking cock for bus fare? Or would they concede that their daddy sold them down the river?