GOP tax cuts: great for corporations

Posted on: January 16, 2019 at 13:09:27 CT

but everyone else is on the hook for them.

https://www.bloomberg.com/opinion/articles/2019-01-14/trump-tax-cut-turns-out-both-better-and-worse?cmpid=socialflow-twitter-business&utm_medium=social&utm_content=business&utm_source=twitter&utm_campaign=socialflow-organic

In late 2017, soon before Congress passed the tax cut — which reduced the U.S. corporate rate to a flat 21 percent from a previous marginal rate that topped out at 35 percent — the Joint Committee on Taxation estimated it would cost $1.4 trillion over 10 years. White House officials criticized that estimate as being too high. In fact, it wasn’t nearly high enough. My current estimate, now that companies have completed 2018, is nearly $2 trillion, and that’s just for the S&P 500. That’s nearly $400 billion more than I calculated in May. And the actual bill could rise even more while the lasting benefits are still pretty questionable.

Edited by MrBlueSky at 13:09:50 on 01/16/19