Trump Tax Cuts and Jobs Act Fizzled for Americans Bigly

Trump Tax Cuts

President Trump, after signing the Tax Cuts and Jobs Act into law on Dec. 22, 2017, called it “rocket fuel” for the economy, arguing that freeing up money for the wealthy would allow them to hire more workers, pay better wages and invest more. The tax savings, in other words, would trickle down from the rich to everyone else. Trickle-down’ tax cuts make the rich richer but are of no value to overall economy as study finds data spanning 50 years and 18 countries shows lowering rates for the wealthy increases inequality. The nation’s 651 billionaires saw their net worth spike by more than $1 trillion during the first nine months of the pandemic

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