As we wait for the end of the year to see what kind of tax relief the president is offering to the wealthy, it might be helpful to remember that the president has already done more than just the right thing.
As the New York Times reported on Wednesday, Trump has already cut taxes for the rich by more than $1 trillion.
Trump’s decision to do so without Congressional approval and the approval of Congress itself means that his tax cuts will probably do more than boost tax revenues.
That’s a big problem, since if Trump’s proposed tax cuts go into effect, the U.S. economy will probably contract, not expand.
The Congressional Budget Office (CBO) estimates that Trump’s plan will lead to an economy that will be less than $900 billion in the red by 2025.
That means Trump’s “Tax Cuts and Jobs Act” will likely have a negative impact on the economy, as well as the economy of the U