Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Reverse Tax Cuts, Restore Financial Discipline

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Reverse Tax Cuts, Restore Financial Discipline

Article excerpt

On Nov. 14, the Department of Treasury announced that in October the national budget deficit increased about 60 percent to $100 billion. The 2018 tax cut has led to a significant revenue shortfall and only modestly relieved the tax burden of the average taxpayer. Hourly wages have not risen as projected because many corporations chose to award onetime bonuses instead of permanent wage increases.

Given all of this information, it appears that the bulk of the tax cuts benefit the wealthy, corporations and stock owners. Instead of higher wages and capital spending, corporations chose to implemented more stock buybacks in 2018 than the previous five years combined, further concentrating the benefit of the tax cuts to shareholders.

In summary, the 2018 tax cut is a generational wealth transfer to corporations, the wealthy and investors paid for by our grandchildren. …

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