Democrats could have told the Republicans that most people were not going to benefit from the big tax cut to the one percenters and major corporations. It did not take a genius. Now that the ridiculous tax plan has been voted in, one of the Republicans who ran against Donald Trump in the GOP primary agreed – but why?
Trickle Down economics did not work when President Ronald Reagan (R) introduced it. It certainly did not work for George W. Bush, and it will not work for Trump either. This Republican idea of economics did not work, because the wealthy tend to invest their money and corporations pay their stock holders.
Florida Senator Marco Rubio (R) admitted in an interview with The Economist that there was “no evidence whatsoever” the deficit threatening bill helped workers:
‘There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers. In fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker.’
Matt House tweeted “exactly what Democrats” said:
‘TFW @marcorubio says exactly what Democrats have been saying about the tax bill for months.’
Seth Hanlon tweeted about the “eloquent critic of…Rubio’s voting record:”
‘There is no more eloquent critic of Marco Rubio’s voting record than Marco Rubio.’
Republicans somehow believed that the $1000 bonuses would take the place of wage increases. The corporate tax rate dropped from 35 percent to 21 percent in the new GOP tax law. Rubio campaigned on a 25 percent corporate tax rate, but managed to vote for a far steeper cut.
The tax cut was not necessary, because corporations have major tax loopholes, which brought their tax rate down to a rate equivalent to other countries.
A spokeswoman for Rubio said he “pushed for a better balance in the tax law between tax cuts for big businesses and families, as he’s done for years:”
‘As he said when the tax law passed, cutting the corporate tax rate will make America a more competitive place to do business, but he tried to balance that with an even larger child tax credit for working Americans.’
So why has Rubio begun to leave the GOP tax raft? Maybe, he was swimming toward a run against Trump in 2020?
Feature Image via Getty Images/Chip Somodevilla.