"No Tax on Tips" Vote Trump

[CJD]

(06-18-2024, 02:55 PM)Luvnit2 Wrote: Explain why saving an average of $4000 per family per year ($32,000 over 8 years) was bad for the middle class.

Quote:Failed to deliver promised economic benefits. Trump Administration officials claimed their centerpiece corporate tax rate cut would “very conservatively” lead to a $4,000 boost in household income.[5] New research shows that workers who earned less than about $114,000 on average in 2016 saw “no change in earnings” from the corporate tax rate cut, while top executive salaries increased sharply.[6] Similarly, rigorous research concluded that the tax law’s 20 percent pass-through deduction, which was skewed in favor of wealthy business owners, has largely failed to trickle down to workers in those companies who aren’t owners.[7] Like the Bush tax cuts before it,[8] the 2017 Trump tax cut was a trickle-down failure.