Trump Tax Law Does Not Help Workers And Creates Skyrocketing Deficits
July 25, 2018
Republicans have largely abandoned running on Trump’s tax cuts. It’s clear why: the Trump tax law is sending the deficit skyrocketing and has not helped workers. Now, after prioritizing tax cuts for the rich and big corporations, Republicans want to double down with even more tax breaks for the wealthy.
$1 trillion deficit. The Trump tax law will add nearly $1 trillion more to the deficit over the next decade than the White House had initially projected.
New York Times: “The growing deficit has forced the Trump administration to adjust its claim that the tax cuts would pay for themselves by generating increased revenue from faster economic growth. The White House’s Office of Management and Budget said this month that it had revised its forecasts from earlier this year to account for nearly $1 trillion of additional debt over the next decade — almost $100 billion a year in additional deficits, on average.”
Declining wages. Real wages for workers actually decreased by nearly 2 percent since the passage of the Trump tax law.
Vox: “And between the first and second quarters of 2018 — after the tax cuts were enacted — real wages fell by 1.8 percent.”