Has anyone noticed that when the Republicans are spending money on tax reductions for the rich, no one even lifts an eyebrow? Donald Trump gave the 400 wealthiest people a huge tax reduction. In fact, they “paid a lower tax rate than any other group,” according to a study by economists Emmanuel Saez and Gabriel Zucman at the University of California, Berkeley, The Forbes reported.
Trump’s Tax Cuts and Jobs Act (TCJA) of 2017 promised it would add $1.8 trillion in new revenue. But Trickle Down Economics has never worked, not the first time President Ronald Reagan tried it, when President George W. Bush tried it, nor when Donald Trump tried it. They never learn, but then, maybe that has been just an excuse for the voters and a reward for their donors.
These tax cuts cost $1.5 trillion according to an analysis by the U.S. Department of Treasury. Then, Trump wanted $1.14 trillion for “discretionary spending.” Congress gave him $1.3 trillion, no problem. If they had been made permanent, the cost would have been $2.3 trillion without helping wages or job numbers.
Trump gave corporations, according to American Progress, a nonprofit:
‘[T]he largest year-over-year drop in corporate tax revenue that we have seen outside of a recession (from 35 percent to just 21 percent.) This has added even more to deficits than experts had previously predicted.’
‘The U.S. Treasury reported that from fiscal year 2017 to FY 2018, the federal budget deficit increased by $113 billion while corporate tax receipts fell by about $90 billion.’
But even middle-of-the-road conservative Senator Mitt Romney (R-UT) decried the human infrastructure bill. This second infrastructure bill helps families, renews the middle class, and gives Americans hope again. Many Republicans jumped onto the bridges and roads infrastructure bill. But helping the voters appears to be way beyond any Republican legislators’ ability to grasp. Romney said:
‘Sen. Mitt Romney: “I affectionately call that $3.5 trillion spending spree the blue whale. It’s very, very large, the largest. It’s soft and it’s blue, but ours is going to be used for real hard infrastructure. Of course, it’s about one-seventh the size.”‘
Sen. Mitt Romney: “I affectionately call that $3.5 trillion spending spree the blue whale. It’s very, very large, the largest. It’s soft and it’s blue, but ours is going to be used for real hard infrastructure. Of course, it’s about one-seventh the size.” pic.twitter.com/mvzp9SPrZE
— The Hill (@thehill) August 9, 2021
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