PolitiDose has reported in commentary over the past 8 years how Republican tax cuts that favor Corporate America and the wealthy never produce the jobs, Corporate investment or an economic boom the GOP always predict. And true to a false ideology and fondness of giving tax breaks to those who need them the least, President Trump and the GOP's $1.5 trillion tax package that was passed in 2017 failed the test again.
Now comes a report by the National Association of Business Economics (NABE) in a quarterly report published Monday in a business condition poll, 84% of those business polled reported that the corporate tax reform has not caused their firms to change hiring or investment plans. The White House had predicted that the massive reduction in the corporate tax rate from 35% to 21% would boost business spending and job growth.
We know from facts that the economy did better in every phase under the Clinton Administration than the Reagan or Bush 43 administrations even though Reagan and Bush cut taxes sharply while Clinton raised taxes on those making over $200,000.00 a year. We also know from fact that corporate investment in plant and equipment increased at a higher percentage rate under Clinton than Reagan or Bush. The final outcome of the Trump GOP tax cuts won't be known before Trump leaves office but history and precedent tells us the 2017 tax cuts will not produce what was predicted because trickle down economics never has. Its a fairy tale too many Americans have swallowed.
And to top it all off, the Trump administration is predicting the economy in 2019 will become slower and less productive than last year while deficit spending will continue to climb. So now with two years under his belt as President, Trump continues the big spending, a massive increase in debt and now a shutdown that lasted 35 days with a threat of another shutdown to come. Yes my fellow Americans, Trump and the GOP are one and the same.
This commentary written by Joe Lorio
