, 4 tweets, 1 min read Read on Twitter
One thing I haven't seen emphasized much is that it's becoming increasingly certain that the Trump tax cut actually made America poorer. Remember, the core of that legislation was a huge cut in corporate taxes, which has drastically reduced revenue 1/
The claim was that this would lead to massive inflows of capital from abroad and a huge investment surge, so that the benefits would actually flow to workers. But the capital inflow and investment surge aren't happening 2/
So the big beneficiaries are stockholders. Among Americans, that's a wealthy minority: despite 401(k)s and all that, stock ownership is highly concentrated at the top. Beyond that, however, around 1/3 of US stocks are owned by foreigners 3/
So even as Trump boasts, falsely, that foreigners are paying his tariffs (actually it's ordinary American families), foreigners are in fact receiving a large fraction of the benefits from his tax cut -- at the expense of the Treasury, ie taxpayers. Funny how that works 4/
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