GOP Tax Law: Two Years Later

Two years after the Republican tax bill was signed into law, hardworking Americans aren't seeing the positive side effects President Trump promised. Here's a look:

American families are far from seeing the promised $4,000 increase in their paychecks. Median household income grew more slowly in 2018 than in the previous three years, failing to break even one percent.
After a brief sugar high, the economic growth has slowed: in the third quarter of 2019, the economy grew at a pace 40% slower than the quarter before the tax bill took effect.
Big corporations have spent their tax giveaways on stock buybacks—a record $806 billion in 2018—instead of business investment as Republicans swore they would. Nonresidential fixed investment is actually growing a quarter more slowly since the tax law was enacted than in the same period before.
The GOP Tax Law has blown a $2.3 trillion hole in our debt. Corporate tax receipts dropped precipitously after the passage of the law, and in fiscal year 2019 were a quarter below 2017 levels.