Trump and Republicans pushed their tax cut as a major boost to middle class families.
“Trump and his party took great pride in enacting the biggest tax overhaul in a generation. “It’s going to be a tremendous thing for the American people,” the president exulted. But like most things he says, that claim was unfounded. The package turned out to be an extravagant mirage.
Americans thought they got a tax cut. What they really got was a tax increase that hasn’t yet taken effect. When you cut taxes but don’t cut spending to match, as the Nobel laureate economist Milton Friedman often noted, you are not cutting taxes but merely delaying them. And total spending has not been reduced; it has been raised.” [READ MORE]