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Here is further evidence that "the short run" is not nearly as important as "the long run":
Factory workers at GM see layoffs, not benefits, after tax cuts
In the short run, the tax law coupled with federal spending acted as a stimulus, a "sugar rush," but there are indicators the economy may slow this year.
https://www.nbcnews.com/business/eco...x-cuts-n985981
As a result of the Republicans' so-called "tax reform," children of fallen service members are forced to pay thousands of extra dollars in taxes on their survivor benefits – but, hey, at least banks, big corporations and the wealthiest 1% of Americans got a huge tax cut. Republicans don't care about anyone else.
Military families slammed by Trump's tax reform demand changes
https://www.msn.com/en-us/news/us/mi...ges/ar-BBWjzqU
Emperor Trump promised his tax cuts would lead to higher wages. They didn't. Emperor Trump promised his tax cuts would lead to a surge in investment. They didn't. Emperor Trump promised the tax cuts would beneft everyone, not just the wealthiest Americans. They didn't. Emperor Trump promised the tax cuts would "pay for themselves." They didn't. Emperor Trump was lying. Is anyone surprised?
A devastating analysis of the tax cuts shows it did virtually no economic good
https://www.latimes.com/business/hil...529-story.html
Higher wages! A surge in investment! Everyone, not just the wealthy, will benefit! Trump made several grandiose promises about his tax cuts. The promises may have sounded good in Trumpworld but in the real world they meant nothing.
More people owed the IRS money after Trump's sweeping tax reform
https://www.msn.com/en-us/money/mark...orm/ar-AADe8XO
Emperor Trump gave huge tax cuts to banks, big corporations and the wealthiest Americans (including himself). Now he wants to bypass Congress and give another big tax break to the wealthiest Americans. A University of Pennsylvania model estimates that the wealthiest 1% would receive 86% of the benefits. Does anyone still believe Emperor Trump cares about America's middle class? He doesn't. He never has.
White House considers capital gains tax break that would benefit the wealthy
https://www.latimes.com/business/la-...627-story.html
Emperor Trump and the Republicans – who care about banks, big corporations and the wealthiest Americans and not about the middle class – are demanding that Treasury Secretary Steven Mnuchin give the wealthiest Americans another tax cut via executive fiat. To do so would, of course, bypass Congress. The Trump administration hates working with Congress. That would mean adhering to the rules laid out in the Constitution of the United States of America. Emperor Trump is above the law.
Incredibly, GOP Senators seek another tax cut for the rich
https://www.courier-tribune.com/news...x-cut-for-rich
Emperor Trump's huge tax cuts for banks, big corporations and the wealthiest Americans included a reduction in the corporate rate, from 35% to 21%. Trump said the tax cuts would be like "rocket fuel" to boost the economy and increase capital spending. That didn't happen. Many companies spent their tax savings on stock buybacks. In the last quarter, business investment fell for the first time in three years. But hey, at least America's millionaires and billionaires are happy!
Trump's corporate tax cuts fail to boost investment, IMF analysis finds
https://www.latimes.com/business/sto...ment-imf-finds
"Our framework ensures that the benefits of tax reform go to the middle class, not to the highest earners," said Donald Trump on October 11, 2017. Nobody believed him then and nobody believes him now. As this Yahoo News story notes, "After refunds, the IRS collected about $93 billion more from individual American taxpayers in 2018 than it did in 2017. Interestingly, that number stands close to the tax break amount that corporations received from the Tax Cuts & Jobs Act in 2018. Last year, big businesses paid $91 billion less in taxes than they had in 2017, prior to the new law’s passage."
American taxpayers paid $93 billion more in 2018 under Trump tax law
https://finance.yahoo.com/news/ameri...194900782.html
After the Republican-led Congress approved Trump's tax overhaul, President Trump, who had claimed his tax cuts wouldn't benefit the wealthy, told his wealthy friends at his Doral resort, "You just got richer." Today we learn that Wayne Huizenga Jr. is one of three billionaire GOP donors who "got richer."
Trump's tax break to help the poor went to a superyacht marina in Florida owned by a rich GOP donor, according to reports
https://www.businessinsider.com/trum...-donor-2019-11
In December 2017 when Emperor Trump signed into law a $1.5 trillion tax cut, he said it would benefit the middle class and not banks, big corporations and the wealthiest Americans (including Trump). He lied. Most of the benefits went to banks, big corporations and the wealthiest Americans (including Trump). For example, the tax owed by FedEx in the last fiscal year was zero. FedEx has saved at least $1.6 billion from Trump's tax cuts and much of the savings has gone to stock buybacks and dividend increases. In Emperor Trump's America, the rich get richer and the poor get poorer.
Democrats seize on report of FedEx's $0 tax bill to slam Trump's tax plan
https://thehill.com/policy/finance/4...rumps-tax-plan
Giving huge tax cuts to banks, big corporations and the wealthiest Americans (including Donald Trump) will be "like rocket fuel to boost the economy," declared Trump in December 2017. As 2019 nears its end, Trump's lie is obvious. His "rocket" crashed. During the past two years, private investment declined, wages rose only 1.4% (less than one-tenth of what Trump promised), the number of new jobs created fell by an average of 11,000 per month and a majority of the big corporations spent their tax savings on stock buybacks. But, hey, the rich (including Donald Trump) got richer! #Winning
After two years, Trump's tax cuts have failed Americans
https://www.cnn.com/2019/12/20/persp...uts/index.html
In December 2017, Emperor Trump made eight promises about his tax plan: The middle class will benefit, the wealthy will not benefit, working families will get a raise of $4,000, small businesses will get a huge tax cut, job growth will accelerate, business investment will increase, the economy will grow by 6% annually and the tax cuts will pay for themselves. Trump proceeded to give huge tax cuts to banks, big corporations and the wealthiest Americans (including himself). How many of those promises came true? None. But, hey, you don't hear the banks, the big corporations and the wealthiest Americans (including Trump) complaining!
Opinion: The Trump tax cut has amounted to nothing but broken promises for the middle class
https://www.latimes.com/opinion/stor...ax-cut-deficit
Republicans used to be fiscally conservative. Republicans used to care about the middle class. We no longer have Republicans. We have Retrumplicans – and they do not care about the middle class. They care about banks, big corporations and the wealthiest Americans. Under Retrumplicans, the rich got richer and the poor got poorer.
Trump's estate tax giveaway to the rich triggered 50% drop in IRS revenue
HuffPost, Nov 20 2021 11:24 PM EST
As Republicans bellyache about Democrats not balancing the budget, a new report reveals that a massive Trump administration estate tax giveaway that particularly served the ultra-rich sparked a 50% plunge in IRS revenue from the taxes. Estate tax payments dropped from $20 billion to just over $9 billion last year, Bloomberg reported, based on its analysis of IRS data. American billionaires, meanwhile, have doubled their collective net worth to more than $5 trillion in just over five years. The dramatic decline in estate tax revenue is largely the result of the Republicans’ 2017 tax overhaul, which doubled the amount the wealthy can pass to heirs without paying any estate tax.
https://www.huffpost.com/entry/estat...b07fe2010cb159