TAX CUTS

Claim: “Americans are experiencing the best economy in at least 50 years. And fueling that strong and growing economy, has been President Trump’s Tax Cuts and Jobs Act.”

Although the tax law spurred GDP growth, the Congressional Budget Office predicted in 2019 that this boost would not last and that by 2023 the legislation’s positive effect will have been exhausted entirely. The tax cuts were financed with borrowed money, more than doubling the U.S. annual deficit, leaving the American people with trillions of dollars of debt. Republicans have proposed slashing crucial programs such as Social Security, Medicare, and Medicaid to pay for these tax cuts, which they had claimed would pay for themselves. Additionally, wages have grown slower than overall economic output under Trump, consistent with wage growth prior to the tax cuts and falling short of Trump’s promise of $4,000-$9,000 wage growth annually.

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