Robert Reich: Trump Tax Shafted

Posted by admin on Saturday, March 7, 2020


 
The [Trump] tax cut cost approximately  trillion dollars in lower taxes paid by corporations and wealthy Americans. Revenue did not increase to cover it. Instead, that  trillion has been added to the national debt, which continues to balloon. It's now over 3 trillion dollars Quote
 

“The [Trump] tax cut cost approximately $2 trillion dollars in lower taxes paid by corporations and wealthy Americans. Revenue did not increase to cover it. Instead, that $2 trillion has been added to the national debt, which continues to balloon. It’s now over $23 trillion dollars” — Robert Reich

 

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In this quote, Robert Reich is criticizing the impact of the Trump tax cuts passed in 2017.

He notes that the tax cuts resulted in about $2 trillion in lost tax revenue since corporations and wealthy Americans paid that much less in taxes. However, contrary to promises, overall tax revenue did not increase to make up for this loss. Instead, the $2 trillion was added to the national debt.

Reich points out the debt has now ballooned over $23 trillion as a result. He appears to be arguing that the tax cuts failed to pay for themselves as projected and significantly increased the government’s debt burden rather than boosting the economy as promised.

Reich views this outcome as evidence that the tax cuts did not achieve their stated goals and have negatively impacted the national debt.

They said the [Trump] tax cut would raise wages and most workers would get an immediate ,000 pay increase. More baloney. Most workers got practically nothing. Instead, corporate profits have gone to the top: to CEOs, who last year got an average pay increase of over  Million dollars Quote
 

“They said the [Trump] tax cut would raise wages and most workers would get an immediate $4,000 pay increase. More baloney. Most workers got practically nothing. Instead, corporate profits have gone to the top: to CEOs, who last year got an average pay increase of over $1 Million dollars” — Robert Reich

 

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In this quote, Robert Reich is criticizing how the Trump tax cuts did not deliver on promises to significantly raise wages for most workers. He notes that while the tax cuts were touted as leading to an immediate $4,000 pay increase for workers, in reality most workers saw practically no benefit.

Instead, Reich argues that corporate tax savings from the cuts went towards higher profits and compensation for CEOs, whose pay increased on average by over $1 million.

By pointing out this disparity between what was pledged for ordinary workers versus what top executives received, Reich aims to show the tax cuts did little for average Americans while greatly enriching those already at the top.

Overall, he views the quote as evidence that the tax plan failed to “trickle down” the way was promised by its proponents.

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