The tax cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer. More from columnist hiltzikm:
The report addresses predictions that the cuts would pay for themselves in economic growth. These forecasts were based on the notion that business investment would surge because the lowered corporate tax rate would increase investment from abroad, including the repatriation of U.S. corporate assets from foreign subsidiaries that had been stowed overseas.
Not so, the Congressional Research Service says. Overall revenue fell in 2018, largely because of a $40-billion decline in corporate tax revenue. Individuals, particularly working- and middle-class individuals, haven’t been so fortunate.
to the tax cuts. The CRS cites an estimate that the bonuses worked out to about $28 per U.S. worker. The analysts also observe that at least to some extent the bonuses reflected a tightening of the overall labor market and were “attributed to the tax cut as a public relations move.”
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