It’s official. I can finally say “I told you so,” on a couple of critical points that I got into arguments with people about a few years ago.
Two recent studies illustrate the impact of the 2017 Tax Cuts and Jobs Act and the invasion of Iraq – both of which were heralded by the GOP as highlights of its leadership but turned out quite disastrously.
Bottom Line: the tax cuts didn’t come remotely close to “paying for themselves by turbocharging the economy” as President Trump repeatedly promised. They did substantially lower effective corporate tax rates and generate a flood of stock buybacks and dividends for shareholders.
Jane Gravelle and Donald Marples, who studied the tax cuts, are a lot like those who looked so hard to find Iraq’s weapons of mass destruction. They searched but found almost nothing.