The 2017 Tax and Jobs Act – the Trump administration’s one major piece of enacted legislation – did deliver the biggest corporate tax cut in US history, but ultimately workers benefited almost not at all.
The tax hike was sold to citizens as a move that would boost the economy, add jobs and hike wages. The president said in one speech that it would bring the average American household “around a $4,000 pay raise”.
(Less than $400.00 as delivered-$233 a year as the reality. What was lost ? Filing taxes and getting nothing back.)
The bulk of the $150 billion, the tax cut put into the hands of corporations in 2018 went into shareholder dividends and stock buy-backs, both of which line the pockets of the 10% of Americans who own 84% of the stocks.
(The Trumpypants System of Dishonest Fuckery)
The bill was drafted in secret, partly to keep it from Congress’s own members who, it was feared, would leak it to lobbyists. Those crafting the bill worried that if the contents of their drafts leaked out, lobbyists would go to work gutting the bill. Hearings on the legislation were reduced to a bare minimum.
The bill was passed with astonishing speed that limited scrutiny.
They agreed on borrowing $1.5tn over 10 years, to pay for the tax break for wealthy corporations. Yes, folks, Trumpypants' legislation was added to the deficit.)
The bill that was passed, was half-assed, poorly thought out, deficient.
"It contained egregious mistakes, created massive new loopholes and opened the door to new forms of tax avoidance. Thirteen tax law professors from around the country, in a 68-page study, blasted its “rushed and secretive process” that resulted, they said, “in deeply flawed legislation”.
Read the full investigation on the Center for Public Integrity’s website. Peter Cary and Allan Holmes are reporters at the Center for Public Integrity
https://www.theguardian.com/us-news/2019/apr/30/trump-tax-cut-law-investigation-worker-benefits
The tax hike was sold to citizens as a move that would boost the economy, add jobs and hike wages. The president said in one speech that it would bring the average American household “around a $4,000 pay raise”.
(Less than $400.00 as delivered-$233 a year as the reality. What was lost ? Filing taxes and getting nothing back.)
The bulk of the $150 billion, the tax cut put into the hands of corporations in 2018 went into shareholder dividends and stock buy-backs, both of which line the pockets of the 10% of Americans who own 84% of the stocks.
(The Trumpypants System of Dishonest Fuckery)
The bill was drafted in secret, partly to keep it from Congress’s own members who, it was feared, would leak it to lobbyists. Those crafting the bill worried that if the contents of their drafts leaked out, lobbyists would go to work gutting the bill. Hearings on the legislation were reduced to a bare minimum.
The bill was passed with astonishing speed that limited scrutiny.
They agreed on borrowing $1.5tn over 10 years, to pay for the tax break for wealthy corporations. Yes, folks, Trumpypants' legislation was added to the deficit.)
The bill that was passed, was half-assed, poorly thought out, deficient.
"It contained egregious mistakes, created massive new loopholes and opened the door to new forms of tax avoidance. Thirteen tax law professors from around the country, in a 68-page study, blasted its “rushed and secretive process” that resulted, they said, “in deeply flawed legislation”.
Read the full investigation on the Center for Public Integrity’s website. Peter Cary and Allan Holmes are reporters at the Center for Public Integrity
https://www.theguardian.com/us-news/2019/apr/30/trump-tax-cut-law-investigation-worker-benefits
