Trump’s epic tax cut failure is not so surprising. John Iadarola and Brooke Thomas break it down on The Damage Report. Follow The Damage Report on Facebook: https://www.facebook.com/TheDamageReportTYT/
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Read more here: https://www.npr.org/2019/12/20/789540931/2-years-later-trump-tax-cuts-have-failed-to-deliver-on-gops-promises?utm_medium=social&utm_campaign=politics&utm_term=nprnews&utm_source=twitter.com
"Two years ago Friday, Republicans in Congress passed a sweeping tax cut. It was supposed to be a gift-wrapped present to taxpayers and the economy. But in hindsight, it looks more like a costly lump of coal.
Passed on a party-line vote, the tax cut is the signature legislative accomplishment of President Trump’s first term. He had campaigned hard for the measure, promising it would boost paychecks for working people
"Our focus is on helping the folks who work in the mailrooms and the machine shops of America," he told supporters in the fall of 2017. "The plumbers, the carpenters, the cops, the teachers, the truck drivers, the pipe-fitters, the people that like me best.”
In fact, more than 60% of the tax savings went to people in the top 20% of the income ladder, according to the nonpartisan Tax Policy Center. The measure also slashed the corporate tax rate by 40%.
"It will be rocket fuel for our economy," Trump promised.
Boosters of the tax cut insisted the economy would grow so fast, it would more than make up for the revenue lost to lower rates."
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