CONTROVERSY OVER TAX CUTS AND JOBS ACT
August 11, 2022 - Douglas Myser
Controversy over Tax Cuts and Jobs Act. When then President Trump passed the Tax Cuts and Jobs Act, which gave 85% of the tax cuts to the wealthiest 5% of Americans, not a single Democrat voted for the bill. But Trump wanted to deliver for the donors who gave to him massively and got him elected, and he and the rest of the Republicans in the Congress did just that. It also slashed the corporate tax rate to 21%, while lowering the marginal rate for the richest Americans. The entire time trump was in office, the federal deficit went thru the roof. Even though the bill was and still is unpopular with the large majority of the public, it is still the law, and remains so, due to the Democratic Controlled Congress having one or two holdouts, who will not budge on tax changes, due to the Corporate donors they themselves have. Controversy over Tax Cuts and Jobs Act.
The persistence of the Trump tax law, which delivered a massive windfall to the rich and corporate forces that helped shape the measure, has drawn growing attention in recent days as Democrats head into the crucial midterms having failed to pass the bulk of the Biden agenda, largely due ot the obstruction of Sen. Manchin and Sen. Sinema. Both get thousands of dollars in campaign funds from energy and drug companies. And neither want their cash cow to be turned off, as they have shown by their willingness to bypass the President's agenda and increase the spending on social programs that would result from the increase in taxes if those agendas were passed.
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