July 26, 2019 “This is the offering you shall make” Pinchas 28:3
It’s 18 months since the massive tax cut. Result: Wage growth for the 2nd quarter 2019 was less than the three months prior to the Trump election. The promised repatriation of foreign earnings is still a mere 5.5% of foreign earnings. Growth in GDP in the first two quarters of 2019 does not even exceed that of the last two quarters of 2017. Gross business investment is up merely 1% since 1Q 2018 – though corporations did use their enormous tax savings for $1 Trillion in stock buybacks. Most personal tax rate reductions were offset by a loss of deductions. In fact, the chief consequence, as described by the Congressional Research Service, has been a $1 Trillion deficit this year, a 66% increase over 2017, and a windfall for the Republican Donor Class.