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)
TRUMP MYTH: The tax law would increase annual income for families by an average of $4,000.
REALITY: Growth in household income in the first year the tax cuts took effect lagged the prior three years, increasing just $550. #2YearsOfTCJA (4/7)
REALITY: Growth in household income in the first year the tax cuts took effect lagged the prior three years, increasing just $550. #2YearsOfTCJA (4/7)
TRUMP MYTH: Tax cuts would pay for themselves.
REALITY: The budget deficit is ballooning, and the tax cuts will add an estimated $1.9 trillion to the national debt. #GOPTaxScam (5/7)
REALITY: The budget deficit is ballooning, and the tax cuts will add an estimated $1.9 trillion to the national debt. #GOPTaxScam (5/7)
TRUMP MYTH: Tax cuts would be “one of the great Christmas gifts to middle-income people.”
REALITY: Personal income tax cuts were heavily weighted to the very wealthy. #2YearsOfTCJA (6/7)
REALITY: Personal income tax cuts were heavily weighted to the very wealthy. #2YearsOfTCJA (6/7)
As @RepMaloney said, “Enacting tax cuts for the poor and middle class rather than the wealthy would have provided a solid boost to the economy.” #MissedOpportunity Check out the JEC report on the two-year anniversary of the tax cuts. #GOPTaxScam (7/7) jec.senate.gov/public/_cache/…
