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The tRump tax scam had a very bad week - Marketwatch
Workers’ wages are flat while congressmen are buying yachts
It was, even by the standards of the tRump White House, a spectacularly bad news week for the administration’s signature legislative accomplishment: the so-called Tax Cuts and Jobs Act, passed into law with exclusively Republican votes in December 2017. In just four days last week, the tRump law was revealed to the American people to be precisely the scam that it’s always been.
If you took at face value the conservative messaging around the $2.3 trillion tax proposal, you might think that the economy was going to take off at rocket speed, and that those investments would lead to fatter wages for American workers.
<snip>
The week started off with a report from two economists at the Federal Reserve Bank of San Francisco bursting the bubble of fanciful, overly optimistic predictions about the impact of the tax law on the economy. Confirming last year’s analysis from the nonpartisan Joint Committee on Taxation, the economists forecast that the law will grow the economy “well below” 1% of gross domestic product, and even as little as 0%. A 0% boost to our GDP — for legislation that will cost nearly $2 trillion. It’s a good thing we have no other pressing domestic priorities facing our country these days. - Marketwatch
It was, even by the standards of the tRump White House, a spectacularly bad news week for the administration’s signature legislative accomplishment: the so-called Tax Cuts and Jobs Act, passed into law with exclusively Republican votes in December 2017. In just four days last week, the tRump law was revealed to the American people to be precisely the scam that it’s always been.
If you took at face value the conservative messaging around the $2.3 trillion tax proposal, you might think that the economy was going to take off at rocket speed, and that those investments would lead to fatter wages for American workers.
<snip>
The week started off with a report from two economists at the Federal Reserve Bank of San Francisco bursting the bubble of fanciful, overly optimistic predictions about the impact of the tax law on the economy. Confirming last year’s analysis from the nonpartisan Joint Committee on Taxation, the economists forecast that the law will grow the economy “well below” 1% of gross domestic product, and even as little as 0%. A 0% boost to our GDP — for legislation that will cost nearly $2 trillion. It’s a good thing we have no other pressing domestic priorities facing our country these days. - Marketwatch
Did you buy a Yacht like they did recently with your tax savings? Yeah, me neither.
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