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Tax Cuts - Middle Class Boost or "Fake Math"? - Reclaim the American Dream
Tax Cuts – Middle Class Boost or “Fake Math”?
October 30, 2017
Washington – With debate sharpening over the likely impact of the president’s proposed tax cuts, Trump’s top economist forecasts a boost of $4,000 in annual income for the typical American family but most economists aren’t buying that analysis and Senate Democratic Leader Chuck Schumer derides it as “fake math.”
In fact, one new study suggests that an estimated $700 billion from the tax cuts that President Trump is proposing will go to foreign investors, who own about 35% of the value of U.S. stocks.
Most economists are openly skeptical of the Trump administration’s forecasts of looming wage boosts for the U.S. middle class. “The Trump administration’s claim that large wage gains for workers will result from cutting corporations’ taxes is not supported” by most research, asserts economist Josh Bivens of the pro-labor Economic Policy institute. “There is no evidence linking corporate taxes and productivity or wage growth.”
Three nonpartisan organizations — the Congressional Joint Committee on Taxation, the Congressional Budget Office and the Tax Policy Center — all concluded that the main beneficiaries of tax cuts have been corporate shareholders, not workers.
taxes  gov2.0  trump  business  politics  CBO  middle_class 
november 2017 by rgl7194

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