Robert Reich on the Failure of the GOP Tax Law
According to former U.S. Secretary of Labor Robert Reich, Trump and the Republicans’ only major legislative accomplishment has been their massive tax cut to the rich.
“Trump and Republicans promised the tax cuts would pay for themselves,” he stated. “According to the nonpartisan Congressional Budget Office, the tax cut has added to the federal deficit, which is now on track to surpass $1 trillion by 2020.”
According to Reich, Republicans also claimed the tax cut would create jobs, but the 1,000 biggest companies have actually cut more jobs than they have created, according to a new survey.
The same goes for the stock market. The GOP said the tax cut would boost the stock market, and although the stock market surged in the early part of 2018, the gains have been completely wiped out since then.
“They claimed the tax cut would boost wages for the American worker. Wrong again,” Reich said. “Since the tax law was signed, wages have not kept up with inflation, meaning that most workers are actually making less than before.”
Trump also said that most of the policy’s gains would go to middle-class families. But according to the nonpartisan Tax Policy Center, the richest one percent will have received 83% of the tax cut.
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Robert Reich on the Failure of the GOP Tax Law
According to former U.S.
