Trump/GOP Tax Cuts Are A Failure
When Trump and the DC Republicans cut taxes late last year, they made the following promises:
- The average family would see a $4,000.00 pay raise.
- GDP would grow 4% a year.
- The tax cuts would pay for themselves.
Unfortunately for the country, every promise made by Trump and the DC Republicans has already been broken. Middle class wages when adjusted for inflation remain flat. GDP grew 4% in the second quarter but the consensus forecast is for 2% GDP growth.
Already, the deficit is ballooning due to the tax cuts. We are well on our way to annual $1 trillion deficits during a period of near full employment. Those deficits will grow to an annual $2 trillion when we have a recession. Where are the Tea Party rallies?
All we got for borrowing $2 trillion was one good quarter of GDP growth. The GOP doesn’t have much to show for blowing up the deficit again. (The GOP significantly increased the deficit during the Reagan, Bush 41 and Bush 43 presidencies.)
Due to these failures, a vast majority of the American people disapprove of the tax cuts. At the present time, the tax cuts are at a 39% approval rating in the most recent Quinnipiac poll. In addition, only 32% of adults report that they have more take home pay as a result of the new tax law. A recent internal GOP poll even found that the voters (correctly) believe by a 2–1 margin that the tax cuts have benefited the wealthy and big business.
The Republicans’ own actions indicate that they know the tax cuts are a failure. The GOP originally planned to run on the tax cuts but only 12% of the GOP TV ads mention the tax cuts. The GOP is now currently running on fear, lies and racism.
Trump’s recent false promise that the Republicans in Congress would pass a new middle class tax cut before the election is yet another sign that the GOP knows the tax cuts have failed. The Congress can’t pass a tax cut before November 6 because they are on recess until after the election.
All Nebraska Democratic candidates for Congress support rolling back the tax cuts for the 1% and making the middle class tax cuts permanent. The consensus position of our candidates is support for fully funded middle class tax cuts.
If we want to roll back this failed tax bill, we need to win both the 2018 and 2020 elections. I would urge everybody to organize and volunteer for your favorite candidates. Most important of all: Vote on November 6!