ECONOMY/GOP/TAXES: “Republicans are on the cusp of passing the biggest corporate tax cut in American history, betting it will ignite an economic boom that creates better jobs and fatter paychecks for middle-class Americans.
That boom may never trickle down.
Some economists and corporate executives are already warning that simply lowering tax bills won’t necessarily cause companies to hire more people and pay them better. Instead, they could just wind up returning the extra cash to shareholders.
That could leave President Donald Trump and congressional Republicans celebrating a short-term legislative win that hurts them in the long run, with bigger deficits and little to show for it. And an already deeply unpopular bill — that includes immediate hikes on some individual taxpayers — could become a serious political headache in 2020 and beyond…
Tax legislation cleared a key procedural hurdle in the Senate Wednesday ahead of a formal vote as early as Thursday. House and Senate lawmakers will need to convene in coming weeks to hash out a compromise between their two bills.”
-Ben White, “GOP places risky bet on trickle-down tax cut,” Politico, Nov. 30, 2017 05:04am