The Trump-Biden Battle Over the 2017 Tax Cut
Summary of the Article:
The article from Godzilla Newz discusses the ongoing battle between President Donald Trump and former Vice President Joe Biden over the 2017 Tax Cut. The Tax Cut and Jobs Act was signed into law by Trump in December 2017, promising significant tax cuts for corporations and individual taxpayers. Biden, on the other hand, has criticized the tax cut as a giveaway to the wealthy and corporations at the expense of the middle class. The article examines the contrasting views of Trump and Biden on the tax cut and its impact on the economy and American taxpayers.
Comparison of Trump and Biden’s Views:
According to the article, President Trump has hailed the 2017 Tax Cut as a historic achievement that boosted economic growth, created jobs, and increased wages for American workers. Trump argues that the tax cut spurred investment, encouraged businesses to repatriate profits held overseas, and stimulated consumer spending. He maintains that the tax cut benefited all Americans by putting more money in their pockets and incentivizing job creation and business expansion.
In contrast, Joe Biden has been critical of the 2017 Tax Cut, calling it a massive giveaway to the rich and corporations that exacerbated income inequality and added trillions to the national debt. Biden argues that the tax cut disproportionately favored the wealthy and big corporations while providing minimal relief to working-class families. He has proposed rolling back some of the tax cuts for the wealthy and using the revenue to fund infrastructure projects, education, and other social programs aimed at benefiting the middle class.
The Economic Impact:
The article highlights the divergent opinions on the economic impact of the 2017 Tax Cut. Proponents of the tax cut, including Trump, argue that it stimulated economic growth, boosted job creation, and led to wage increases for American workers. They point to the record-low unemployment rates and strong stock market performance during the Trump administration as evidence of the tax cut’s success.
Critics of the tax cut, such as Biden, contend that the benefits of the tax cut were skewed towards the wealthy and large corporations, rather than working-class Americans. They point out that income inequality has worsened since the tax cut was implemented, and argue that the ballooning national debt resulting from the tax cut poses a long-term risk to the economy.
Conclusion:
The battle over the 2017 Tax Cut between Trump and Biden underscores the deep ideological divide on economic policy in America. While Trump champions the tax cut as a boon to the economy and American workers, Biden criticizes it as a giveaway to the rich that failed to deliver broad-based benefits. As the 2020 presidential election approaches, the debate over the tax cut and its implications for the economy is likely to continue to be a central issue in the campaign.