Wages are falling, Wall Street tycoons are swimming in profits from stock buybacks, and the federal deficit is exploding. Every way you slice it, the Republican tax scam is failing spectacularly, falling far short of the blustering promises of Trump, Speaker Paul Ryan, and Senate Majority Leader Mitch McConnell.
When Republicans jammed through the tax scam on a party-line vote, Trump promised it would be “rocket fuel” for the economy, helping families across the nation. Ryan promised tax cuts for everyone. Treasury Secretary Steve Mnuchin vowed the bill would pay for itself.
Months after the bill was signed into law, it is abundantly clear, as the New York Times notes, that it “doesn’t do any of what they promised.”
Wages are falling, after adjusting for inflation, since the tax scam became law. “The idea that the tax cuts were going to line workers’ pockets was always a mirage,” says the New York Times.