Trump Tax Law Leads To Record-Breaking Deficits, Risks Another Financial Crisis
June 27, 2018
The Trump tax law gave massive new tax breaks to big corporations and the top 1% at the expense of working families. Now the Congressional Budget Office warns that the Trump tax law is leading our country into record-breaking deficits and heightening the risk another financial crisis. Trump and Republicans really sold Americans out.
Trump and Republicans promised that the Trump tax law would pay for itself.
Washington Post Editorial: “Republicans argue that they do not have to pay for the big tax cut they are proposing, because it will pay for itself.”
Steven Mnuchin: “Not only will this tax plan pay for itself but it will pay down debt.”
Instead, the Trump tax law will lead to record-breaking debt and heighten the risk another financial crisis.
Politico: “U.S. cruises toward record-breaking debt on Trump's watch”
Los Angeles Times: “Trump tax cuts carry a big price tag: Huge debt and risk of another financial crisis, budget office warns”
The Trump tax law imposed a new tax on churches, synagogues and other nonprofits, while it gave new tax breaks to the rich and big corporations.
Politico: “Republicans have quietly imposed a new tax on churches, synagogues and other nonprofits, a little-noticed and surprising change that could cost some groups tens of thousands of dollars.”