Study Finds Trump Tax Cuts Failed to Do Anything But Give Rich People Money

[JonLP24]

The biggest effect of the Trump tax cuts is obvious: People who own businesses and other sources of concentrated wealth will have a lot more money, and the federal budget will have less. But the advocates of the tax cuts insisted it wasn’t about letting the makers keep their hard-earned money rather than handing it over to the takers. It was about incentivizing business to repatriate funds and ramp up its investments, thereby increasing growth and wages.

The Congressional Research Service, a kind of in-house think tank for Congress, has a new paper analyzing the effects of the Trump tax cuts. It finds that none of those secondary effects have materialized. Growth has not increased above the pre-tax-cut trend. Neither have wages. After a brief and much smaller than expected bump, repatriated corporate cash from abroad has leveled off.

It’s of course possible that the growth in wages would take longer than the year or so that has passed since the tax cut to show up. If the Trump tax cut had encouraged new business investment, it might take years for the new investment to bear fruit. But the study looks directly at business investment and finds … nothing:

Supporters of the Trump tax cuts insisted not only that they would promote growth, but that they would promote so much growth the measure would pay for itself. Even moderates like Susan Collins repeated assurances by the party’s pseudo-economists that the plan would not increase the deficit. So far, the growth feedback from the tax cuts has made up about 5 percent of the plan’s revenue loss, a mere 95 percent shy of the predictions.

http://nymag.com/intelligencer/2019/05/study-trump-tax-cuts-failed-growth-investment.html

[Wellstone ruled]

1. Well well say it ain't true

Had this discussion with our Trumper Son in Law last week. BTW,this is one of those suckers who is into Bit Coin,Nuf Said. Funny thing,he was bitching about having to pay a few Grand Extra in Income Taxes this year. Being a Manufacturer's Rep and those Per Dieums are now counted as Income,well,Nuf said.

[thegoose]

2. Well, this piece of shit only exists to suck the blood out of the world

What do you expect?

[Wellstone ruled]

5. The Trumper's are about to

get their reality Check damn soon. And it is not going to be pretty. Enuf!

[panader0]

3. Is there anyone on this board who didn't see this coming?

I'm so poor that it doesn't affect me much, but we all knew this was
for the rich folks, just like W Bush's cuts.
How I wish the voters would smarten up.
The movement of money to the rich is epic.
I have two pitchforks.

[JonLP24]

4. I did

It is very simple economics to know laissez faire, horse and sparrow theory, trickle down, supply side, etc are failures that lead to the rich getting richer and more monopolization.

Plus it has failed so many times going back to the Panic of 1893.

[gtar100]

6. Question is, will republican voters finally wake up

and see that tax cuts for the wealthy *never* help anyone but the people who are already wealthy. Those offshore bank accounts have virtually unlimited capacity; that money will never trickle down upon them. Yet year after year after year they continually fall for the same story that tax cuts will make everything better.

The way republicans do tax cuts for workers is to lower the amount employers collect from employees, only to have the employees make up the difference when they file their tax returns. Call me cynical but that's just pure evil bullshit.

[BigmanPigman]

10. Have they ever? Hell no!

Dumber than dirt, in denial, vote against own best interests, stubborn, psycho, purposely ignorant, etc. All of the above!

[TheFarseer]

16. They can't think any farther ahead than

I don’t like taxes! I want to keep MY money!

[BigmanPigman]

17. And they voted for a guy that didn't pay any taxes and lost $1 Billion

in 10 years and now they are paying for him and his family to live like kings....will they ever add two and two and get four? Doubt it.

[TheFarseer]

18. That's good though

Because now they can’t spend as much on welfare. Some of my friends are on food stamps but that’s different. I just wish I was as smart as Trump so I could lose more money than any other human and get out of paying taxes and still ride around in a private jet and golf all day. See, he’s smart. Going bankrupt 6 times is good business

[JDC]

7. I'm filing this under No Kidding, it's a Grift

That folder is getting pretty full

[ooky]

8. Just like it was intended to do.

[Cairycat]

9. I think that's a feature, not a bug n/t

[dlk]

11. So, What Else is New?

The GOP only exists to redistribute American wealth upward to the very top

[MurrayDelph]

12. This study was brought to you by the firm

of Noe, Schitt, and Sherloque.

[blueinredohio]

13. They had to have a study for that?

They could have just asked anyone who's not rich.

[procon]

14. But her emails... and no collusion... Benghazi! nt

[GoCubsGo]

15. Don't need a study to figure that out.

It's pretty obvious to anyone who has been paying attention.