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It’s time we break down the myth (promoted by Trump) and reality behind GOP tax cuts, which became law almost two years ago today. As Vice Chair @RepMaloney noted, “Americans would be right to feel cheated” by the tax law. This thread shows why. (1/7) jec.senate.gov/public/index.c…
TRUMP MYTH: Tax cuts would boost GDP growth to as high as 6% annually.
REALITY: In the seven quarters since the tax cuts became law, GDP growth has been the same as in the seven prior quarters—roughly 2.5%. #2YearsOfTCJA (2/7)
REALITY: In the seven quarters since the tax cuts became law, GDP growth has been the same as in the seven prior quarters—roughly 2.5%. #2YearsOfTCJA (2/7)
TRUMP MYTH: Tax cuts would spur massive growth in business investment.
REALITY: Business investment has decelerated since the tax cuts became law, even contracting in the past two quarters. #GOPTaxScam (3/7)
REALITY: Business investment has decelerated since the tax cuts became law, even contracting in the past two quarters. #GOPTaxScam (3/7)
Worth reiterating (a lot): in recent decades, income has been shifting to the wealthy and away from the working class, and the 2017 tax law exacerbated those trends by giving the largest tax cuts to the wealthy. #2YearsOfTCJA
The law:
-Cut the corp rate from 35% to 21%
-Created an unprecedented 20% deduction for pass-throughs
-Doubled (to $22M) the amt that can be passed on to heirs tax-free
-Cut the top rate from 39.6% to 37%
These cuts overwhelmingly benefit the wealthy.
-Cut the corp rate from 35% to 21%
-Created an unprecedented 20% deduction for pass-throughs
-Doubled (to $22M) the amt that can be passed on to heirs tax-free
-Cut the top rate from 39.6% to 37%
These cuts overwhelmingly benefit the wealthy.
The law cost almost $2 trillion over 10 years, an irresponsible tax cut at a time when we should be raising MORE revenue to cover rising fiscal challenges due to an aging population, rising health care costs, etc. #2YearsOfTCJA
