Trump's tax cut was a mammoth fraud

[babylonsister]

Column: Trump’s tax cut was a mammoth fraud
Steve Chapman
By Steve Chapman
Chicago Tribune |
Dec 21, 2019 | 12:54 PM


Decades from now, many Americans will have to consult history books to gain an appreciation of the lowest point of Donald Trump’s presidency: his impeachment. But they will be able to feel the effects of his highest point: the 2017 tax bill, which he signed into law two years ago Sunday. That’s because they will still be paying for it.

Trump and his party took great pride in enacting the biggest tax overhaul in a generation. “It’s going to be a tremendous thing for the American people,” the president exulted. But like most things he says, that claim was unfounded. The package turned out to be an extravagant mirage.

Americans thought they got a tax cut. What they really got was a tax increase that hasn’t yet taken effect. When you cut taxes but don’t cut spending to match, as the Nobel laureate economist Milton Friedman often noted, you are not cutting taxes but merely delaying them. And total spending has not been reduced; it has been raised.

The 2017 bill cut individual and corporate tax rates, raised the standard deduction, limited deductions for state and local taxes and allowed businesses to immediately write off outlays for new equipment, among other provisions. We were told it would propel economic growth to new heights, unleash a flood of capital investment, turbocharge job creation and boost wages.

The supporters claimed that they could cut taxes without actually cutting revenue. Senate Republican leader Mitch McConnell said: “I’m totally confident this is a revenue-neutral bill. I think it’s going to be a revenue producer."

But two years later, the evidence of failure is undeniable. Almost every promise made has been a promise broken.

more...

https://www.chicagotribune.com/columns/steve-chapman/ct-column-trump-tax-cut-2017-chapman-20191220-pp6eha6ktbhyxpwiagcrzuvqmm-story.html

[Wounded Bear]

1. Well, d'uh...nt

[marble falls]

2. Whoodathunk.

[underpants]

3. Very well written

Short and sweet

[NewEnglandAutumn]

4. this so called 'great economy' is a fraud

Go out and listen to real people every day I see people leave needed medication at the pharmacy because they can not afford them.

I went on to 3 car web sites as my car is in need of replacement. The number of calls and emails I am getting is unbelievable. Some sales people have gone so far as to let me know that the lot is full and they are having a very hard time moving inventory.

Listen to people.

[leftyladyfrommo]

9. I read that a lot if people are buying used cars

instead of new cars because of the huge price increases.

[uponit7771]

14. +1, there's no organic growth

[smirkymonkey]

5. K&R

[treestar]

6. Why people continue to fall for Republican BS

is a mystery.

[Hermit-The-Prog]

18. it's not like we can't measure the depth of the BS ...

[treestar]

19. And they still lionize St. Ronnie

Idiots.

[SWBTATTReg]

7. And does one think that the Senate will address the failures of the 2017 Tax Cuts and Jobs bill?

Of course not. They will let this scam Tax Cut bill continue, all while the rampant deficits continue, which if unchecked, will damage the Country and its future ability to borrow money, and to possibly address serious economic issues should they arise in the future (being that the stimulus promised by the 2017 Tax Cut Bill failed to materialize).

[mjvpi]

16. Not until there is a Democratic President.

[roamer65]

8. The Federal Reserve is buying most of the extra Treasury paper.

That means a good chunk of the deficits are being converted to cash.

Inflation is coming.

[czarjak]

10. Republicans...Recessions... Record deficits...

On steroids.

[Ferrets are Cool]

11. Is anyone here surprised? And the idiots who voted for him will deny that

there is any damage. But, I am not surprised by that either.

[gilligan]

12. Really?

More trickle down BULLSHIT!

[uponit7771]

13. We are working class and got hit HARD with SALT caps, have 3 kids next year isn't going

... to be any better

[Joe941]

15. My taxes are lower but I know it hurt the usa.

[zentrum]

17. Milton Friedman was all about

......cutting the public safety net.

Their goal in cutting taxes was to take away the net. They happily will cut Medicaid, Medicare, Social Security, School lunches and on and on.

The Tax cut and transforming the courts are the main thing McConnell wanted to do and he's done it. Serve and protect the rich.