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Fact: there is no evidence that anything Trump claims to have done to affect the economy has had a positive result. Employment and multiple business decisions made during President Obama’s administration, and prior to Trump’s gift from the Electoral College, are the reasons the recovery caused by another Republican continues. Trump is a failed businessman who knows nothing about economics and has no fiscal plan other than the same old policy of “trickle-down economics.” This policy failed the Reagan, Bush 41, and Bush 43 administrations and is now beginning to show signs of failure.

Although, to the uninformed it may appear that lowering the corporate tax rate from 36 percent to 21 percent would have no negative effect to our economy, the damage is in fact critical. The average percentage paid by large corporations was 16 percent prior to Trump’s “tax reform.” Revenue from corporations totaled $264 billion in the fourth quarter of 2017 to $149 billion the next, when the new rules went into effect, and they haven’t bounced back. That’s $115 billion per quarter; $460 billion over a year. Corporations are experiencing even larger profits while decreasing employment and placing more money in offshore accounts. Bad idea number one.

JPMorgan’s CEO, Jamie Dimon, says that Trump’s plan increased his company’s profits by $3.7 billion.

“In some ways, our economy is held back by the public investments that we are not making,” said Steve Wamhoff, director of federal tax policy for the left-leaning Institute on Taxation and Economic Policy. “Even if we think that spending on infrastructure would be a good thing, politically we can’t do this spending because we have to address this deficit.”

Trump promised that American businesses who moved their factories to foreign countries would return because of lower taxes for corporations and the wealthy. Although initially signs indicated this was a possibility, it has not become a reality. Apparently, they don’t trust Trump and his unqualified administration. Bad idea number two.

Any American with average intelligence is now aware that Trump and Ryan’s tax plan benefitted the wealthy but, in some cases, harmed low-income Americans and the poor. Trump and 539 other billionaires, along with 11.1 million millionaires were able to by another luxury car or even another vacation home. Many Americans received lower tax returns as deductions were reduced or eliminated. This law has widened the gap in income inequality in America. Bad idea number three.

The truth is that economists are continuing their examination of the “tax overhaul” formulated by the Reagan administration in the 1980’s. It will take years to discover the effects of Trump’s bill. However, long range forecasters believe that the overall effect will be negative for most Americans.

The economy is great for one-percent of all Americans, but stagnant or declining for most. Trump is the “rich-man’s president;” he does not represent the working class.

Meanwhile, Trump and his Klan continue to use the national treasury as their personal bank. The have spent more than sixteen-million dollars each month for their personal pleasure. That’s $400 million in just over two years. Trump’s is the most costly and wasteful administration in American history.

We can’t afford to allow Trump to reside in public housing any longer.

Tell your friends; “The Truth Lives Here.”

Op-ed by James Turnage

Source
https://www.cnn.com/2019/04/15/economy/trump-tax-cuts-impact-economy/index.html

Image courtesy of DonkeyHotey

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