Taichiliberal
Shaken, not stirred!
Just another tidbit from Robert Reich:
Your daily reminder that Trump’s 2017 tax cut was an utter failure, and he told a spate of bold-faced lies to the American people in order to get it passed. For instance:
— Trump claimed that the tax cut would boost the average U.S. household income by $4,000 a year. In reality, companies gave workers one-time bonuses that amounted to only two cents per hour on average, a far cry from a $4,000 boost.
— Trump also claimed that the tax cut would be a boon for “the plumbers, the cops, the teachers, the truck drivers, the pipe fitters” of America. Instead, the richest five percent of Americans received almost half of the benefits last year, while the bottom 60 percent received a measly 14 percent of the benefits.
— Trump declared that the tax law would “eliminate tax breaks and complex loopholes”. This was perhaps his most laughably false promise: corporations paid their lowest effective tax rate in decades, a mere 11.3 percent.
Far from being a boon for average workers, Trump’s tax cut was a massive handout to the wealthy and corporations — and, of course, none of those benefits are trickling down. It is far past time to rein in this unbridled corporate greed and ensure that the wealthy pay their fair share like everyone else.
Your daily reminder that Trump’s 2017 tax cut was an utter failure, and he told a spate of bold-faced lies to the American people in order to get it passed. For instance:
— Trump claimed that the tax cut would boost the average U.S. household income by $4,000 a year. In reality, companies gave workers one-time bonuses that amounted to only two cents per hour on average, a far cry from a $4,000 boost.
— Trump also claimed that the tax cut would be a boon for “the plumbers, the cops, the teachers, the truck drivers, the pipe fitters” of America. Instead, the richest five percent of Americans received almost half of the benefits last year, while the bottom 60 percent received a measly 14 percent of the benefits.
— Trump declared that the tax law would “eliminate tax breaks and complex loopholes”. This was perhaps his most laughably false promise: corporations paid their lowest effective tax rate in decades, a mere 11.3 percent.
Far from being a boon for average workers, Trump’s tax cut was a massive handout to the wealthy and corporations — and, of course, none of those benefits are trickling down. It is far past time to rein in this unbridled corporate greed and ensure that the wealthy pay their fair share like everyone else.
