Marketwatch Opinion: It's official: The Trump tax cuts were a bust

[UpInArms]

Right before Congress passed the Tax Cuts and Jobs Act in December 2017, President Trump proclaimed:

“It’ll be fantastic for the middle-income people and for jobs, most of all ... I think we could go to 4%, 5% or even 6% [GDP growth], ultimately. We are back. We are really going to start to rock.”

A year later, it’s very clear that the tax cuts boosted gross domestic product and jobs a bit — and just for one year. Its effects are fading as U.S. GDP growth appears likely to weaken in 2019. The only thing that “rocked” were corporate profits and the stock market. And we’re facing trillion-dollar deficits as far as the eye can see.

The Tax Cuts and Jobs Act made small cuts in rates to most individual taxpayers, while cutting the corporate tax rate from 35% to 21%, expanding deductions for “pass-through” companies, and taxing only corporate income earned in the U.S., not worldwide. That theoretically removed a major barrier to U.S.-based multinational corporations repatriating the estimated $2.6 trillion in accumulated earnings they’re holding overseas.

Muted hiring, investment plans

The failure of the tax cut bill to achieve those intended results was made clear Monday when the National Association for Business Economics (NABE) released its January Business Conditions Survey. This is a poll of more than 100 economists employed by major firms in corporate America, so they’re hardly lefties. But they are guided by facts and hard data, not supply-side delusions.

More at https://www.marketwatch.com/story/its-official-the-trump-tax-cuts-were-a-bust-2019-01-30

[ffr]

1. So what happened to the $1.5T is lost tax revenue?

Or should we just call it a tax giveaway to the rich?

[ooky]

3. It was legislative theft by the Republicans to pay off their large donors.

We need to take it all back and use it for a real tax cut to people who have no discretionary income. Put it in the hands of people who would really boost spending and the economy. It would be a win-win for everybody.

[maxrandb]

5. Didn't you see the new $150M yacht Dallas Cowboys owner Jerry Jones bought?

It went to shit like that.

[gratuitous]

2. The Republicans practically guaranteed it: This time for sure!

So, what are they going to do to fix this? Is anyone asking Senator McConnell? Paul Ryan going to be brought back to testify before a House Committee? Is there any penalty or consequence for being so grievously wrong about this? There's certainly no reward for the dirty fucking hippies who said the tax cuts were once again going to drain the Treasury into pockets of the overrich. Because once again that's exactly what happened.

[ooky]

4. Fixing it? Ha ha, they knew exactly what they were doing when

they scammed us with this bucket of shit. Its doing what McConnell and Ryan intended for it to do. Enriching their contributors at everyone else's expense. Don't expect McConnell or Republicans to do anything except lie about it.

[gratuitous]

7. And, of course, next time

After the perfunctory "But that trick never works!" from the DFHs, the Republicans will sell another "pays for itself" tax cut, and the media will nod along (again), and completely forget about the prior umpteen tax cuts that didn't work that way, either.

It's frickin' depressing.

[ooky]

10. We need our own channel.

Our own network. Like Fox has.

The question in my mind is, how have we gone on this long without it? How frickin' long has Fox News been on now? I think we don't have it because nobody would watch MSNBC and CNN if we had it? No?

Take anchors like Lawrence O'Donnell, Rachel Maddow, Chris Hayes, Joy Reid, from MSNBC and build our own network around them. I'd maybe take Ali Velshi too. Leave the rest of that corporate shit at MSNBC and see how fast it would die with most of its viewers all in exit mode. Add Jeffrey Toobin from CNN. Bring back Keith Olbermann. Perhaps offer Thom Hartmann a gig so he won't have to beg for money anymore on FSTV or resort to RT. I wonder if Shep Smith would want to join. He seems a little out of place at times.

A network of Truth tellers to offset the network of liars, who would relentlessly and unapologetically tell would be voters the truth about the scams the Republicans are perpetrating on them.

Of course, I dream.

[Achilleaze]

6. republicans have pissed on America to enrich the already rich

[RT Atlanta]

8. what are the chances the tax-cut could be rescinded?

That seems to be the most fiscally prudent thing to do - especially for the party of 'deficits are bad'

[smirkymonkey]

9. Did anyone really think they wouldn't be?

Only Trump's base bought it this time around.