Trump promised his tax cuts would pay for themselves, boost economic growth, and raise wages. Instead, Trump’s tax breaks have blown up the deficit, failed to boost long-term growth, and left working Americans behind.
Corporations used their massive tax breaks for a record-high $1 trillion of stock buybacks, not to benefit their workers.
CNN: “Corporate America celebrated the first full year under the new tax law by rolling out a record-setting $1 trillion of stock buybacks.”
Morning Consult: “Twenty-three percent of registered voters said they noticed an increase in their paycheck this year as a result of the law, while 60 percent didn’t, according to a Dec. 4 poll conducted among 1,975 registered voters.”
The stock market is down since the Trump tax law passed, and is set to have its worst December since the Great Depression.
Bloomberg’s Steven Dennis: “S&P 500 is now down since Congress and Trump cut the tax rate on corporate profits from 35% to 21%. Now at a 14-month low.”
Bloomberg’s Steven Dennis: “The S&P 500 is on track to have its worst December since *1931*”
Working Americans are being left behind. Americans are more pessimistic about the future of the economy than they’ve been in nearly two decades.
Washington Post: “Four in 10 adults still say they don’t have enough savings to cover a $400 emergency expense, according to the latest Federal Reserve report on the economic well-being of Americans.”
Washington Post: “Wages in several key sectors of the economy are also lagging behind, even at a time when employers say they can’t find enough people to hire and are offering more money.”
Fox News: “Forty-five percent of voters think the economy will be in better shape a year from now, down from 56 percent who felt that way in December 2016. Although the question has been asked at irregular intervals on the Fox News poll over the past 20 years, this is the most pessimistic outlook since February 2001.”