Opinion: Happy Birthday, GOP tax cuts. Welcome to your terrible twos.
Dig a little deeper, and the GOP’s pro-growth claims look even worse. The mechanism by which these tax cuts were supposed to goose growth, after all, was by stimulating business investment. But business investment hasApparently, whatever modest boost the tax cuts gave to investment was not sufficient to overcome the drag from Trump’s trade wars .
This illusory investment bonanza was also supposed to fuel higher wages. As the tax bill was working its way through Congress, Trump’s Council of Economic Advisers published an analysis that corporate tax cuts alone would “increase average household income in the United States by, very conservatively, $4,000 annually.”
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