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Consensus is that the economy was already so strong that there was not a lot of room for it to work, and it was therefore illadvised (fixing a problem that did not exist).
The problem that DID exist was growing income disparity, started in the 80's by Reagan, continued by ALL administrations since, and given a boost by Trump and this tax cut. Proof is in the pudding. Most of the tax cuts have not trickled down to American workers, nor have they resulted in increased jobs. Most of them hav gone to stock buy-backs, which enriches all stock holders, but disproportionately benefits the richest of the rich, as 80-something percent of all stocks are held by 10% of the population.
But to be fair, it's impossible to blame the failure of this tax cut squarely on Trump's poor decision and lack of understanding of economics. His trade war, and his wreckless spending while cutting taxes, and his isolationist policies that tend to alienate consumers of American goods also play a role. So let's be fair, and spread the blame on many of his policies, not just this one.
Stock buy backs are good for over 50% of American families, not a bad deal.
Slightly more than half of all U.S. families own stocks in some way, from workers who got automatically enrolled into their 401(k) retirement accounts to day-traders working their personal accounts. The rate of stock ownership is the highest since the dawn of the Great Recession in 2007.
"The tax cuts Republicans enacted in late 2017 will likely provide less of a boost to economic growth than many forecasters predict—and possibly none at all—economists at the Federal Reserve Bank of San Francisco said Monday.”
The tax cuts were stupid from day one. Create a $1.5 Trillion deficit when the economy was at 4% unemployment when Trump took office? This was a payoff to wealthy Republican donors and nothing more. 83% goes to 1% of the richest in the country. Phenomenally stupid. I never want to hear Republicans scream about the deficit again after this. They have zero credibility.
Agreed. But they will. As soon as there is a Democrat in the WH this will suddenly become important to them again.
Precisely. Hundreds of millions for some for some of Trump's billionaire buddies.
The tax cuts apply to everyone. There were no carve-outs for "Trump's billionaire buddies." Unlike with some of President Obama's schemes, such as Solyndra--$500 million to an Obama campaign donor, and nothing in return for the taxpayers when Solyndra went belly-up.
The tax cuts were stupid from day one. Create a $1.5 Trillion deficit when the economy was at 4% unemployment when Trump took office? This was a payoff to wealthy Republican donors and nothing more. 83% goes to 1% of the richest in the country. Phenomenally stupid. I never want to hear Republicans scream about the deficit again after this. They have zero credibility.
The tax cuts apply to everyone. There were no carve-outs for "Trump's billionaire buddies." Unlike with some of President Obama's schemes, such as Solyndra--$500 million to an Obama campaign donor, and nothing in return for the taxpayers when Solyndra went belly-up.
Really are you sure. I have seen about $6, which based on my experience here in NC, will be gone at tax time.
The tax cuts apply to everyone. There were no carve-outs for "Trump's billionaire buddies." Unlike with some of President Obama's schemes, such as Solyndra--$500 million to an Obama campaign donor, and nothing in return for the taxpayers when Solyndra went belly-up.
You might want to research the kinds of cuts billionaires got versus the cuts many of the Joe Six Packs got.
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