CHARTBOOK: TRUMP-GOP TAX CUTS FAILING WORKERS & THE ECONOMY
Eight principal promises about the benefits of the Trump-GOP tax overhaul that helped speed its enactment in late 2017 have failed to come true. Two years into the Republican plan—officially named the Tax Cuts and Jobs Act (TCJA)—we’ve seen predictions about who would benefit most from the tax cuts (including a $4,000 family pay-raise guarantee), how much they would cost and how much the economy would grow all proven false, as detailed in this report.
THE PROMISE: IT WILL BE A MIDDLE-CLASS TAX CUT
THE PROMISE: WEALTHY PEOPLE LIKE DONALD TRUMP WON’T BENEFIT FROM THE TAX CUT
THE PROMISE: WORKING FAMILIES WILL GET A $4,000 TO $9,000 RAISE
THE PROMISE: SMALL BUSINESSES WILL RECEIVE A BIG TAX CUT
THE PROMISE: THE ECONOMY WILL GROW BY 4%, 5%, or 6%