This is of course the reason, that and the sinking feeling they now have that Trump has solidly bettered them. It’s got to be tough to deal with, especially if one has bought into all the anti-Trump craziness of 2017.
The truth is this tax bill is WAY overdue. I can remember sitting in meetings in Washington discussing “tax reform” and over and over people on both sides of the aisle lamented that something NEEDED to be done, but that it was practically impossible given the “political climate.” Well, the climate changed.
Interestingly many of my friends on the Left agreed that corporate taxes were too high and that our uncompetitive corporate rates hurt the American economy by forcing money offshore. (But they wanted to trade corporate tax cuts for a carbon tax.)
But now the official line from the Dems is that this new tax law, and it is now law, is somehow a “giveaway” to the rich. How can government “give away” money that someone has earned? It’s the taxpayer’s money. And it is not just the well off who will see fatter wallets.
People and businesses will like keeping more of the money they earned. This is why Pelosi and company fret as they do.
This is how desperate the left has become, and how divorced from reality. For all the talk of how tax cuts will line the pockets of the rich and destroy the economy, virtually no one in the mainstream of the economics profession, left or right, agrees.
The Tax Policy Center (TPC), a liberal think tank, noted that more than 80% of Americans will get tax cuts under the plan just passed. And the benefits will go to every income group, not “billionaires.” This, by the way, is bolstered by other recent analyses by Congress’ Joint Committee on Taxation and by the widely respected nonpartisan Tax Foundation.
TPC estimates an average tax cut of about $2,140 per person. By the way, some 16% of the richest Americans — those in the top 0.1% of incomes — will face an average tax increase of $387,610…
…As history clearly shows, growth-oriented tax cuts such as these almost always have major benefits for the economy and for average workers. During the 20th century, big tax cuts in the 1920s (Harding, Coolidge), 1960s (Kennedy) and 1980s (Reagan) all yielded major growth dividends for the U.S. economy.
What’s more, those past major tax cuts were to varying degrees bipartisan. Sadly, not this time. Not one Democrat voted for them. Not one.
That’s why the Democrats and progressive left have become so utterly unhinged. They’ve failed to stop the one thing that might deny them a chance to retake both houses of Congress in the 2018 midterm elections: an economic boom.