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‘Nothing but broken promises’: Tax group blasts Trump’s colossal failure with GOP tax bill

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US President Donald Trump signs an executive order alongside officials including National Trade Council Advisor Peter Navarro (3rd R) in the Oval Office of the White House in Washington, DC, on January 23, 2017 (AFP Photo/Saul LOEB)

Frank Clemente and William Rice from Americans for Tax Fairness issued a scathing editorial in the Los Angeles Times Wednesday about the failed Republican tax bill that not only left the middle-class behind it has failed in nearly everything promised.

Jan. 1, 2020, marks the two-year anniversary of the enacting of the GOP tax cut, and there is plenty of data showing the impact didn’t meet the promises made by the president.

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“Rushed through Congress by a Republican majority, the Trump-GOP tax cuts were promoted as a boon for the middle class,” wrote Clemente and Rice. “Yet in 2020, according to the Institute on Taxation and Economic Policy, the richest 1% of taxpayers will get an average tax cut of around $50,000, 75 times more than the average cut for the bottom 80 percent.”

One significant reason the law helped the wealthy so much more is that it employed the tired Republican idea of “trickle-down economics,” which gives hefty tax breaks to the wealthy and corporations saying that it will filter down to workers and filter through the economy. The reality is that corporations chose not to invest in employees but stock buy-backs and other corporate benefits.

To make matters worse, the law created so many tax loopholes that tax collection from corporations collapsed. With fewer revenues coming into the federal government, the deficit Republicans once claimed was too high, has ballooned to the highest ever.

“ITEP found that the effective corporate tax rate for 379 profitable Fortune 500 corporations was just 11.3 percent last year,” wrote Clemente and Rice. “That’s about half the rate Trump’s new law established, which slashed the previous rate by 40 percent. More than 90 corporate titans — including Amazon, Chevron, FedEx, IBM, General Motors and Netflix — paid zero in federal income taxes last year.”

They called the claim that the tax cuts would benefit the middle class “phony.” Trump even claimed that the new law would “cost me a fortune,” as a wealthy taxpayer. One of the greatest pieces of evidence that it was all a lie came from Trump’s last-minute promise before the 2018 election that he was working on a “middle-class tax cut.”

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“It’s going to be a tax reduction of 10 percent for the middle class,” Trump told reporters in the Oval Office Oct. 23, 2018. “Business will not enter into it, and this will be on top of the tax reduction that the middle class has already gotten, and we’re putting in a resolution probably this week.”

Over a year later, neither Trump nor Republicans have proposed such a tax cut.

“Trump and his family have undoubtedly benefited by millions of dollars from at least five features of the law, ranging from lower top tax rates to a weakened estate tax,” wrote Clemente and Rice. “Of course, we can’t be sure exactly how much they’ve saved because Trump refuses to release his tax returns.”

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Trump promised his corporate tax cuts would result in an average pay raise of $4,000 for working families. His economic advisers claimed $9,000. Their report also said that wages would increase as a result of the tax cuts. All three of the claims were false.

“Census data show that median family income instead grew by about $500 in the first year after the tax cuts, the smallest annual increase in five years,” Clemente and Rice said. “A close look at [the] Bureau of Labor Statistics figures shows that the growth rate in wages was just 0.4 percent in the two years since the tax cut. Compare that with wage growth of 0.7 percent in the last two years of President Obama’s administration.”

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Meanwhile, the wealthy scored big. “In 2018, owners of the elite group of non-corporate businesses that earned more than $1 million received nearly half the benefits from the part of the law touted as a small-business tax cut,” the report said.

Still, Trump intends to run his 2020 campaign touting his economic success. Clearly, that success was only isolated to a few.

Read the full editorial at The LA Times.

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‘Jarring’: PA Trump fans attack polls making so much noise poll workers couldn’t read instructions to voters

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One Pennsylvania polling place fell under a full out attack on those standing in line to vote and trying to cast a ballot on Saturday.

In a Twitter thread, Behavioral Economist Alex Imas explained that while he was casting his ballot on the outskirts of Philadelphia County, PA Saturday, a parade of semis and other cars surrounded the polling place, laying on their horns.

"I arrived just as polling place opened. Short line. Thought I'd be in and out in 20 minutes tops. Even w/ this short line, it took 2+ hours," he explained.

"Then the next Semi followed, then the 3rd," he continued. "A motorcade of semis, jeeps, and a few sedans drove down the road. All honking. All flying Trump 2020 flags. With people yelling out the window. This motorcade snaked around the polling place the entire time I was there (2 hrs)."

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Trump gives 9/11 first responders back the $3.3 million he took from health fund: GOP Congressman

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The Centers for Disease Control and Prevention told Rep. Peter King (R-NY) announced that the 9/11 first responders would get the $3.3 million back that President Donald Trump stole from the program that helped them with medical treatments.

Those at the Twin Towers site in the days following the terrorist attacks breathed in a series of toxic gasses and asbestosis, leading them to have a slew of health problems years later. A fund was set up to ensure that those heroes were always taken care of for the rest of their lives as they suffered through their final years.

“It’s a great victory for really deserving people,” King told the New York Daily News Saturday. "I mean this just never should have happened, but we fought hard, we got it done."

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Nuns at Trump rally appear uncomfortable reading their Bible as president runs over an hour late to event

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A group of three nuns appeared in the stands behind President Donald Trump's podium as they waited for him to arrive.

Trump was supposed to begin speaking at 4 p.m. in Circleville, Ohio, but as of 5 p.m. Trump hadn't yet arrived. Ohio was once considered a solidly red state when Trump won it with a margin of 8.13 percent. Trump is now only two to three points away from being beaten by Vice President Joe Biden in the state, according to polling averages.

The three sisters were seen waiting in the stands, crammed in with Trump voters in red shirts dancing and bouncing around. They looked uncomfortable and gathered instead to read their Bible together.

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