The GOP promised that its massive tax cut would boost the economy and lead to wage hikes. It didn’t. The evidence now seems clear that it just shifted more of the Nation’s wealth to people who already have more than they could ever want.
The GOP sold its tax cut to its supporters by promising that it would boost the economy, triggering investments and wage hikes. They had to say something, because the tax cut they passed broke many of the President’s promises to his supporters. Trump called his plan the “Middle Class Tax Relief and Simplification Act” and told voters that the middle class would receive the largest tax reductions. His soon-to-be Treasury secretary Steven Mnuchin assured us that if Trump’s tax bill lowered tax rates for the wealthy it would also reduce deductions, so “there would be no absolute tax cut for the upper class.” Trump committed to eliminating the loopholes that benefit only the wealthy. In the end, they broke all of these promises – creating permanent tax cuts for corporations and the wealthy, and minimal, temporary tax cuts for the rest of us – while assuring us that the corporate tax cuts would stimulate growth. And now we know that they lied about that, too. The corporate tax cuts went overwhelmingly into stock buybacks; wages are actually falling; and a minimal bump in one form of investment still hasn’t brought us back to 2015 levels. Our deficit is soaring and it’s clear the tax cuts won’t come close to paying for themselves.
Tom McClintock voted in favor of this disastrous tax bill, which benefits his wealthy donors but harms the rest of us. McClintock is selling us out, one vote at a time. This is one of the many reasons we oppose Tom McClintock. California’s Fourth District, and this country, deserve better.
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