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Discussion and Debate
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Politics
American Politics
Tax-cut Boom -- Trump & GOP were right, Democrats and media flat wrong
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<blockquote data-quote="essentialsaltes" data-source="post: 74584018" data-attributes="member: 294566"><p><a href="https://www.cnn.com/2019/12/20/perspectives/trump-tax-cuts/index.html" target="_blank">A contrary view</a> from Michael Linden "executive director of the Groundwork Collaborative and a fellow at the Roosevelt Institute."</p><p></p><p><em>Let's start with jobs. Has the Tax Cuts and Jobs Act created millions of new jobs, as was <a href="https://www.whitehouse.gov/briefings-statements/remarks-president-trump-signing-h-r-1-tax-cuts-jobs-bill-act-h-r-1370/" target="_blank">promised</a>? In a word, no. In the four years prior to the passage of the GOP tax law, the economy added an average of 213,000 jobs each month, according to <a href="https://www.bls.gov/ces/" target="_blank">data</a> from the US Bureau of Labor Statistics. In the nearly two years since the law passed, average job creation has actually declined by an average of 11,000 per month.</em></p><p><em></em></p><p><em>The White House promised that the tax cuts would result in an <a href="https://www.whitehouse.gov/sites/whitehouse.gov/files/documents/Tax%20Reform%20and%20Wages.pdf" target="_blank">annual wage increase</a> of $4,000 per household. Again, not even close. In the two years since the law passed, wage growth, after accounting for inflation, rose only slightly, from 1% to just under 1.4% per year for nonsupervisory workers, according to <a href="https://www.bls.gov/ces/" target="_blank">data</a> from the US Bureau of Labor Statistics.</em></p><p><em></em></p><p><em>In the last two years, the growth rate of private direct investment has substantially declined. In the four years before the law passed, private direct investment grew by about 3.3% annually, according to <a href="https://fred.stlouisfed.org/series/GPDIC1" target="_blank">data</a> compiled by the Federal Reserve Bank of St. Louis. In the two years since the law was enacted, that rate is down to 2.5%.</em></p><p></p><p>And of course, we were told that these tax cuts would 'pay for themselves'. They would make the pie so much higher that tax revenues would not be harmed. Back in reality land, <a href="https://www.npr.org/2019/12/20/789540931/2-years-later-trump-tax-cuts-have-failed-to-deliver-on-gops-promises" target="_blank">deficits have exploded</a>.</p><p></p><p><em>In fact, more than 60% of the tax savings went to people in the top 20% of the income ladder, according to the nonpartisan <a href="https://www.taxpolicycenter.org/publications/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act/full" target="_blank">Tax Policy Center</a>. The measure also slashed the corporate tax rate by 40%.</em></p><p><em></em></p><p><em>"It will be rocket fuel for our economy," Trump promised.</em></p><p><em></em></p><p><em>Boosters of the tax cut insisted the economy would grow so fast, it would more than make up for the revenue lost to lower rates.</em></p><p><em></em></p><p><em>"The tax plan will pay for itself with economic growth," Treasury Secretary Steven Mnuchin said.</em></p><p><em></em></p><p><em>It hasn't worked out that way.</em></p></blockquote><p></p>
[QUOTE="essentialsaltes, post: 74584018, member: 294566"] [URL='https://www.cnn.com/2019/12/20/perspectives/trump-tax-cuts/index.html']A contrary view[/URL] from Michael Linden "executive director of the Groundwork Collaborative and a fellow at the Roosevelt Institute." [I]Let's start with jobs. Has the Tax Cuts and Jobs Act created millions of new jobs, as was [URL='https://www.whitehouse.gov/briefings-statements/remarks-president-trump-signing-h-r-1-tax-cuts-jobs-bill-act-h-r-1370/']promised[/URL]? In a word, no. In the four years prior to the passage of the GOP tax law, the economy added an average of 213,000 jobs each month, according to [URL='https://www.bls.gov/ces/']data[/URL] from the US Bureau of Labor Statistics. In the nearly two years since the law passed, average job creation has actually declined by an average of 11,000 per month. The White House promised that the tax cuts would result in an [URL='https://www.whitehouse.gov/sites/whitehouse.gov/files/documents/Tax%20Reform%20and%20Wages.pdf']annual wage increase[/URL] of $4,000 per household. Again, not even close. In the two years since the law passed, wage growth, after accounting for inflation, rose only slightly, from 1% to just under 1.4% per year for nonsupervisory workers, according to [URL='https://www.bls.gov/ces/']data[/URL] from the US Bureau of Labor Statistics. In the last two years, the growth rate of private direct investment has substantially declined. In the four years before the law passed, private direct investment grew by about 3.3% annually, according to [URL='https://fred.stlouisfed.org/series/GPDIC1']data[/URL] compiled by the Federal Reserve Bank of St. Louis. In the two years since the law was enacted, that rate is down to 2.5%.[/I] And of course, we were told that these tax cuts would 'pay for themselves'. They would make the pie so much higher that tax revenues would not be harmed. Back in reality land, [URL='https://www.npr.org/2019/12/20/789540931/2-years-later-trump-tax-cuts-have-failed-to-deliver-on-gops-promises']deficits have exploded[/URL]. [I]In fact, more than 60% of the tax savings went to people in the top 20% of the income ladder, according to the nonpartisan [URL='https://www.taxpolicycenter.org/publications/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act/full']Tax Policy Center[/URL]. The measure also slashed the corporate tax rate by 40%. "It will be rocket fuel for our economy," Trump promised. Boosters of the tax cut insisted the economy would grow so fast, it would more than make up for the revenue lost to lower rates. "The tax plan will pay for itself with economic growth," Treasury Secretary Steven Mnuchin said. It hasn't worked out that way.[/I] [/QUOTE]
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