GOP Tax Law

Going for broke, literally.

Republicans are literallygoing for broke” on their deeply unpopular tax cuts, exploding the deficit by trillions of dollars. As Republicans prepare to jam a second round of tax cuts for the wealthy through Congress, take a look at this headline and key excerpts from the New York Times on how fiscally unsustainable the first round was:



“In the first half of 2018, corporate tax collections dropped to historically low levels as a share of the economy, according to data from the Bureau of Economic Analysis. That is pushing up the federal budget deficit much faster than economists had predicted.”

The reason is President Trump’s tax cuts… As companies operate with a lower tax burden and a greater ability to offset what they owe, the federal government is receiving far less revenue than it would have under the previous tax system.”

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.”

“Multinationals could also be shifting money — on paper, basically — into the United States solely to take advantage of the expensing provision and reduce their American tax bills...In those cases, the outcome could be a boon for multinationals, and a larger-than-expected blow to the Treasury.”
 
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