Don’t forget how bad the Trump tax cut was

What happened with Trump's tax cut, one year later? Many corporations made good on promises to raise wages and pay bonuses. But others announced layoffs, even as the $1.5 trillion tax cut added billions to their bottom lines. https://t.co/4dyRcUNQee

— NYT Politics (@nytpolitics) December 29, 2018

New Year's Resolution for 2019: never stop talking about how much of an outright scam the GOP tax bill was https://t.co/uezVZ3SfyV

— Patriotic Millionaires (@PatrioticMills) January 2, 2019

Trump’s one “achievement” is even worse than we knew. https://t.co/pMGyKwNY45

— Andy Slavitt (@ASlavitt) January 16, 2019

More and more evidence shows that the one big "win" of Trump's presidency is also a failure https://t.co/ox0zoRQawe

— Jonathan Chait (@jonathanchait) January 21, 2019

A quick follow-up on the Republican tax cut https://t.co/Rv1WoftoTU via @MotherJones pic.twitter.com/gKRcQxB0Qh

— Kevin Drum (@kdrum) January 18, 2019

“The tax windfall that wasn’t”

Great column from the New York Daily News

I experienced this myself. The federal tax deduction on my pension was lowered by 17%. How is this realistic? I raised it back to what it was.

However, I am sure many people didn’t do something like this and will be in for a nasty surprise when they file their taxes for 2018.

One year anniversary of the Trump tax cut

A big failure unless you’re wealthy

And the rich get richerhttps://t.co/Ab64CBdF6v

— Robert F. Kennedy Jr (@RobertKennedyJr) December 23, 2018

One year after the tax cuts, the market is worse and the economy is a mixed bag https://t.co/TxhswyG83L pic.twitter.com/TBkEfDbtwp

— CNN Politics (@CNNPolitics) December 22, 2018

So a year after Trump signed his tax cuts into law, what are the results?
1) Wages haven't kept up with inflation.
2) The stock market is down.
3) The deficit is on track to surpass $1 trillion by 2020.
4) The 1,000 biggest companies have cut more jobs than they've created.

— Robert Reich (@RBReich) December 22, 2018

One year on, GOP tax bill is the gift that keeps on taking https://t.co/jVVN1iewmp pic.twitter.com/sQrIRpH2uA

— ThinkProgress (@thinkprogress) December 23, 2018

Republicans said that their tax cut would help the middle class. Here are the results:

➡️ $1 trillion in stock buybacks for investors

➡️ A net 67,000 jobs lost at the 1,000 largest companies.

➡️ 62% of Americans haven’t gotten a raise this year.

— Ro Khanna (@RoKhanna) December 23, 2018

It's the anniversary of the GOP tax bill. The President called it “a bill for the middle class.”

So how's it going?

U.S. companies announced over $400bn in stock buybacks.

The Dow is down 2000 points.

GM is laying off 14,000 workers.

And your pay raise was lost in the mail.

— Adam Schiff (@AdamSchiff) December 22, 2018

Trump’s phony tax cut

Trump promised a middle-class tax cut before the election. It’s just made up nonsense.

It wasn’t a real thing when Trump announced it. It isn’t a real thing now. It never will be a real thing. Clear? https://t.co/xXtcB1gTX9

— Ben White (@morningmoneyben) December 18, 2018

Trump apparently doesn’t understand tariffs

Tariff Man!

New York Times ridicules Trump for surrendering on tariffs after he boasted trade wars are ‘easy to win’ https://t.co/X6eDXWvSlZ

— Raw Story (@RawStory) December 4, 2018

Causing the stock market to tank with bad tweets is Tariff Man's superpower pic.twitter.com/duvqiKE1SW

— Aaron Rupar (@atrupar) December 4, 2018

Check out how Tariff Man just trashed your 401k pic.twitter.com/HNgDBoxIvQ

— Mark Follman (@markfollman) December 4, 2018

I'm sorry, Mr. President, but you got this wrong. Tariffs are paid by American consumers. They raise the prices of many things we buy. They function exactly like taxes. So you have in effect raised taxes on most Americans. You have made Americans poorer. https://t.co/ZT60nabLTc

— Robert Reich (@RBReich) December 4, 2018

Trade policy was supposed to be Trump's signature issue. But he has never grasped even the basic fact that consumers, not foreigners, pay tariffs 1/ pic.twitter.com/RGUUDE1VBw

— Paul Krugman (@paulkrugman) December 4, 2018

And even if there were a deal on autos, it would cut tariffs for all exporters to China, meaning most of the benefits would not go to the US. This is not optional: Most Favored Nation status is integral to the WTO 3/ https://t.co/Q3XB5K6za1

— Paul Krugman (@paulkrugman) December 4, 2018

Reminder: the “billions” in tariffs is a pittance to the US Treasury but a new tax on American consumers. https://t.co/efRws0umkb

— Glenn Kessler (@GlennKesslerWP) December 4, 2018

Local Tariff Man Still Doesn't Appear To Understand Foreign Countries Don't Pay His Tariffs, Americans Do pic.twitter.com/4SFvd94JgD

— Daniel Dale (@ddale8) December 4, 2018

update 12/4/18

The Dow dropped 800 points today, and investors are racing into the shelter of long-term bonds. Trump's economic illiteracy isn't the only culprit, nor are his trade wars, but both are helping push our economy over the ledge. https://t.co/ZT60nabLTc

— Robert Reich (@RBReich) December 4, 2018

What happened to Trump’s middle class tax cut?

Remember when Trump made up a 10% middle class tax cut? He hasn’t said anything about it since the election. It was just another scam to dupe his base.

Fact check: Trump talks about his tax cut

Fact-checking President Trump's tax cut pitch to midterm voters. https://t.co/DPylHtmXSb

— NBC News (@NBCNews) November 1, 2018

Tax cut roundup – 10/28/18

So far, it has helped the rich and hasn’t produced an investment boom

Who’s really benefiting from @realDonaldTrump tax cuts? Money committed by U.S. companies to stock #buybacks this year enough to give $5,600 to every U.S. payroll employee. #inequality #economicinequality #insidertrade #insidertrading #equities #stocks

— TrimTabs Research (@TrimTabsIR) October 23, 2018

Analysis: The Trump tax cuts were supposed to set off an investment boom. They aren’t so far. https://t.co/9nPYf7WUGo

— Washington Post (@washingtonpost) October 28, 2018

Looks like corporate tax cut (retroactive to sep/2017) produced a pop in structures investment in q4 & q1 that has now faded. Data is noisy, too early to know if it raised trend investment or just pulled forward future capex. All figures exclude mining, oil & gas. pic.twitter.com/yGRqGa2dAs

— Greg Ip (@greg_ip) October 26, 2018

Hey yall – the middle class already got a 10% tax cuts in the 2017 tax bill.

How about we find a way to pay for it now? I noticed the rich seem to be doing pretty well after the tax bill … we could start there. pic.twitter.com/aQFjmj0cbU

— Marc Goldwein (@MarcGoldwein) October 22, 2018

Oh, look: US corporate taxes were actually low before the Trump tax cut, and are now much lower than other major countries https://t.co/lUFeXjUf88 pic.twitter.com/yoZ6fzVCup

— Paul Krugman (@paulkrugman) October 22, 2018

"One number that stuck out: $204.7 billion. That’s how much corporations paid in taxes in fiscal year 2018. It’s striking because the figure is more than $90 billion less than the $297 billion corporations paid in taxes the previous fiscal year." https://t.co/IMa0jBEQTf

— Democratic Coalition (@TheDemCoalition) October 19, 2018

For those trying to claim that a tiny rise in overall revenue over the past year vindicates the tax cut, a comparison with the Obama years pic.twitter.com/81kWWxw2Ex

— Paul Krugman (@paulkrugman) October 18, 2018

I wrote about tax cut cons 15 years ago; not much has changed, except that the lies are more barefaced than ever https://t.co/x0A98y9EkO pic.twitter.com/OGo2dvnoch

— Paul Krugman (@paulkrugman) October 17, 2018

and there’s this:

Think what could be done with $180 billion
"The first is tax evasion by individuals, which is illegal.
The second is tax avoidance by huge multinational corporations, which — as long as the lawyers are doing their jobs — is perfectly legal" https://t.co/Y5C5bYlDJz by @Schwarz

— Charlotte Greensit (@cgreensit) October 26, 2018

Trump lies about another tax cut before the elections

He’s just making this crap up.

White House officials spent the day trying to decode what Trump meant because no one knew of any policy proposal related to his grand promise of upcoming tax cuts for the middle class https://t.co/uLgXoiPkO3

— POLITICO (@politico) October 22, 2018

pic.twitter.com/VjBURpCuYv

— Daniel Dale (@ddale8) October 22, 2018

Trump’s lies are so insidious because they are believed. There are likely millions of voters who wrongly believe a wall is being built. How many duped supporters are making awful financial decisions based on Trump lying about a middle class tax cut that literally doesn’t exist?

— Brian Klaas (@brianklaas) October 22, 2018

-There is no new legislative tax cut circulating on the Hill, 10% or otherwise.
-Sr GOPers in both chambers have no idea what POTUS is talking about.
-No time/will to pass anything in lame duck either.
-Don't even get me started on it being referred to as a "resolution"

-30-

— Phil Mattingly (@Phil_Mattingly) October 22, 2018

Asked about President Trump’s recent comments about a new tax cut proposal, Speaker Paul Ryan’s office is referring questions back to the White House

— Ashley Killough (@KilloughCNN) October 22, 2018

“He knows he’s lying. Everybody in Congress knows he’s lying. The reporters know he’s lying. So why is he doing it?” – @JoeNBC notes that Congress is not in session as @realDonaldTrump promises tax cut for the middle class ahead of the midterm elections.
https://t.co/aQ8SD5aF5S

— Democratic Coalition (@TheDemCoalition) October 22, 2018

Trump is loving this new line about a 'major middle class tax cut' ahead of November elections — even tho no one I have spoken to in WH, Hill, or among tax geeks knows what he is talking about…

— Nancy Cook (@nancook) October 22, 2018

Trump and Treasury Secretary Steven Mnuchin have been promising more tax cuts to get voters out for the midterms With Congress out of session, and given how last year's #TaxScam benefited billionaires and big businesses, it's a myth. #TellEveryVoter https://t.co/LvRx4wl961

— Swing Left (@swingleft) October 22, 2018

Yesterday Trump said he is "studying deeply" a "major tax cut for middle income people." When asked for a time frame for that, Trump predicted "sometime around the 1st of November, maybe a little before that."

One issue … Congress is not in session until after Election Day. pic.twitter.com/mIHLimOdBD

— Kasie DC (@KasieDC) October 21, 2018

update 10/23/18:

Trump's advisers want Congress to "hold a symbolic vote promising a tax cut in the future."

Yes, you read that right. This is the extent of Trump's 10% tax cut "plan" for the middle class. https://t.co/v5ap31lEfW via @damianpaletta @ericawerner #taxes #TaxCuts

— Heather Long (@byHeatherLong) October 23, 2018

Brady says he's working with Trump on new tax cut – POLITICO https://t.co/zTG8up1WrH

— Maggie Haberman (@maggieNYT) October 23, 2018

Brady pretty clear here there’s no middle-class tax cut plan ready to go as Trump has suggested in recent days. https://t.co/hWR8vws3ls

— Manu Raju (@mkraju) October 23, 2018

Republican tax law is not popular

The public understands it primarily helps the wealthy. Republicans have not used it as much as planned on the campaign because they know it won’t help them.

Brutal numbers for the tax bill.

* 46-36 against
* 2/3 of voters, and even 1/3 of Trump voters, think middle class will be worse off or the samehttps://t.co/Euut0TThAH pic.twitter.com/QQF0pYQloc

— Jesse Lee (@JesseCharlesLee) October 22, 2018

The "strategy" can be found in the polls.

Approval:
Obamacare – 51%
2017 tax cut – 40%
Democrats – 50%
Republicans – 39%
Trump – 41%
Trump immigration – 39%
Trump foreign policy – 37%
Trump race relations – 33%
(Fox News poll, Aug 19-21)

— Terry Morse (@terrymorse) October 22, 2018

ICYMI: Internal RNC poll recently warned candidates that "most voters believe that the GOP wants to cut back on (Social Security and Medicare) in order to provide tax breaks for corporations and the wealthy." Urged them to counter it.https://t.co/puxEloOUvS

— Sahil Kapur (@sahilkapur) October 17, 2018

A recent Fox News poll found that 36% of likely voters said they've seen more money in their paycheck "as a result of the 2017 tax reform law," while 59% said they haven't.https://t.co/7CpXQ2XwMx

— Sahil Kapur (@sahilkapur) October 22, 2018

New poll from @DemocracyFund helps explain why Trump & Rs are sadly desperate for a do-over on taxes:

"Almost two-thirds of the general public, and one-third of those who voted for Donald Trump, believe that the middle class … will be worse off or the same under the tax cuts." https://t.co/PTFGERO7aW

— Seth Hanlon 🌊 vote.org (@SethHanlon) October 22, 2018

72% of Republicans approve of the tax law passed by Trump and Congress, compared with just 12% of Democrats https://t.co/vnMSEe0rhX pic.twitter.com/Pu2Ag0fGLC

— Pew Research Center (@pewresearch) October 23, 2018