President Trump’s tax cuts aren’t producing any real gains.This week, his tax plan came into effect while the Stock Exchange has dropped significantly. His reforms were unnecessary for an economy that was already doing well and did more damage than good, asserts Philip Bump of The Washington Post. The president, who praised his reforms when stocks were surging, has gravely misunderstood how they will affect the American economy. His theory, that tax reform would spur new investment and create more economic growth, was wrong. The hope that businesses would reinvest the saved money was wrong.
The Republicans’ tax cuts are already showing their value by boosting small businesses, believes Chris Stansbury of The Daily Signal. They are the backbone of the US economy; two out of three new jobs are created by them. Tax cuts have served these entrepreneurs well, boosting their productivity and allowing them to create new jobs and offer higher wages. Around 95,000 new jobs were created by small businesses in February. Additionally, up to 80% of Americans will see their taxes go down, which boosts consumer spending, a plus for the whole economy. The GOP’s tax cuts are proving to be highly beneficial already.