Among the report's top findings was that the 2017 Tax Cuts and Jobs Act has resulted in average GDP growth identical to growth prior to the law's enactment.
"Inequality was already at an all-time high when the legislation was passed—it made things much worse," JEC vice-chair Representative Carolyn B. Maloney said in a press release."And it isn't on track—as the administration had claimed—to 'pay for itself;' instead, it will add almost $2 trillion to the national debt.
In the first few quarters of 2018, when the law began to take effect, economic growth appeared high. Although after dropping off in the subsequent months, the JEC Democrats found that average growth remained unchanged. "With the two-year anniversary of the Republican tax cuts upon us, we now have enough economic data to say definitively that they failed to deliver for American workers and families," Maloney added."The report shows that the 2017 tax law didn't provide a sustained boost to GDP growth, nor did it significantly increase business investment and result in huge gains in household income. Americans would be right to feel cheated.
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