LuvGreenTea2019 on Nostr: Trump's 2017 tax cuts that benefited mostly the wealthy are set to expire at the end ...
Trump's 2017 tax cuts that benefited mostly the wealthy are set to expire at the end of this year. They greatly added to the federal deficit. Of course, Trump and the Republicans want to extend them. How are they going to pay for the tax cuts which go mostly to billionaires? Completely eliminate the Department of Education, gut Social Security, Medicare, Medicaid, lay off all National Park Service workers and Forest Service fire fighters, cut staff at the FDA and other regulatory agencies, etc.
Stanford Institute for Economic Policy Research (SIEPR)
"Extending Trump’s 2017 tax cuts is a priority for the administration, but is estimated to cost about $5 trillion over the next decade."
https://siepr.stanford.edu/publications/policy-brief/framing-next-four-years-tariffs-tax-cuts-and-other-uncertainties-trump
The Tax Cuts and Jobs Act Failed To Deliver Promised Benefits
Benefits of the business tax changes in Trump’s 2017 tax bill were costly and did not trickle down to workers and families.
“Taken together, the Bush tax cuts, their bipartisan extensions, and the Trump tax cuts, have cost $10 trillion since their creation and are responsible for 57 percent of the increase in the debt ratio since then. They are responsible for more than 90 percent of the increase in the debt ratio if you exclude the one-time costs for responding to COVID-19 and the Great Recession.”
https://www.americanprogress.org/article/the-tax-cuts-and-jobs-act-failed-to-deliver-promised-benefits/
The deficit ballooned under Trump largely due to his 2017 tax cuts that mostly benefited the wealthy.
Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years
The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.
2021
https://www.propublica.org/article/national-debt-trump
Stanford Institute for Economic Policy Research (SIEPR)
"Extending Trump’s 2017 tax cuts is a priority for the administration, but is estimated to cost about $5 trillion over the next decade."
https://siepr.stanford.edu/publications/policy-brief/framing-next-four-years-tariffs-tax-cuts-and-other-uncertainties-trump
The Tax Cuts and Jobs Act Failed To Deliver Promised Benefits
Benefits of the business tax changes in Trump’s 2017 tax bill were costly and did not trickle down to workers and families.
“Taken together, the Bush tax cuts, their bipartisan extensions, and the Trump tax cuts, have cost $10 trillion since their creation and are responsible for 57 percent of the increase in the debt ratio since then. They are responsible for more than 90 percent of the increase in the debt ratio if you exclude the one-time costs for responding to COVID-19 and the Great Recession.”
https://www.americanprogress.org/article/the-tax-cuts-and-jobs-act-failed-to-deliver-promised-benefits/
The deficit ballooned under Trump largely due to his 2017 tax cuts that mostly benefited the wealthy.
Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years
The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.
2021
https://www.propublica.org/article/national-debt-trump