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Tax Cut Is Better (for Companies) and Worse (for Everyone Else)
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| Contributor | RP |
| Last Edited | RP Jan 16, 2019 08:39am |
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| Category | Analysis |
| Author | Stephen Gandel |
| News Date | Monday, January 14, 2019 09:00:00 AM UTC0:0 |
| Description | President Donald Trump and the Republicans’ tax cut is proving to be vastly more generous for corporate America, and vastly more expensive for taxpayers, than expected. Worse, the Trump Slump is erasing the bump the stock market received from the tax cuts. And evidence is mounting that the promised economic boost isn’t materializing. The administration’s signature political achievement is being eclipsed by disarray over trade, immigration and a government shutdown.
First, the headline number: $600 billion, at least. That’s how much more than expected I estimate the companies in the S&P 500 are on pace to save. It is also how much more the tax cut is likely to add to the national debt if it runs as planned for 10 years. The total savings for all of corporate America will be well into the 13 figures. |
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