Why the Trump tax cuts are flopping
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In the latest Gallup poll, 48% of respondents said they disapprove of the tax cuts, while just 39% approve–which seems surprising, given that the cuts have boosted take-home pay for roughly two-thirds of workers. Republicans in Washington are so dismayed by the tax law’s unpopularity that they’re considering another round of tax cuts, although passage seems unlikely.
Yahoo Finance conducted its own flash poll on April 18 to figure out why, exactly, Americans don’t like the tax cuts. We found three basic reasons: People think the tax cuts favor the wealthy over the middle and working class. They’re suspicious that tax cuts for businesses are permanent but tax cuts for individuals are temporary. And they think it’s irresponsible to finance the tax cuts with debt that future workers will have to shoulder.
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Respondents are also concerned about the $1.8 trillion in new debt the US government will have to issue over the next decade, to make up for federal revenue lost to the tax cuts. “This was adding fuel to a fire already burning fine,” says Mike, a Wisconsin investment adviser. “We should be running, at worst, a break-even budget right now and stacking some dry powder. It was just a classic case of borrowing from the future at the stupidest possible time.” Mike is a Republican.
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https://finance.yahoo.com/news/trump-tax-cuts-flopping-181953692.html
