Trump Tax Cut Causes Enormous Deficit and Republicans Immediately Demand Entitlement Repeal
The gigantic tax cut given out by the Trump administration caused a momentary increase in the gross domestic product, for one quarter, at the cost of a trillion-dollar deficit this year and 1.5 trillion dollars a year after that as far as the eye can see. This has been a truly wicked plot worked upon the unsuspecting citizens who do not belong to the 0.1% club. It was obvious all along from the structure of the tax cut, and the obvious has taken place: corporate tax collections are down by a third, and individual tax collections are not making up the shortfall. We knew a year ago that if we enacted that “tax reform” that was pressed upon us, that we would see a trillion-dollar deficit– and we did.
See this op-ed in the New York Times by Paul Krugman for the details of the tax scam.
(illustration courtesy of pixabay.com and Alexas_Foto)
Conrad Theodore Seitz 