Trump tax cuts must be bad no matter what


Leave it to the New York Times to come up with a headline that makes it look as  though states are taking in so much money because of the federal tax cuts that it's a problem:  

Federal Tax Cuts Leave States in a Bind

The federal tax overhaul cut taxes for millions of American families and businesses.  But the law also had an unintended effect: raising the state-tax bite in nearly every state that has an income tax.

Now, governors and state legislators are contending with how to adjust their own tax codes to shield their residents from paying more or, in some cases, whether to apply any of the unexpected revenue windfall to other priorities instead.

Does anyone think high-tax states will make sure state residents don't pay more money?

States with income taxes are going to be in a bigger bind if stock prices and dividends continue to go up because that will yield the states a lot more money than it would have received prior to the corporate tax cuts.  As people and businesses have more money in their pockets the economy is also stronger and more and better jobs are created that will increase the bind.  Will they cut taxes or keep it for themselves because they know better.

In December, the CBO predicted the tax cuts and reform would cause federal revenues to drop $1.5 trillion over ten years.  By the end of March, the prediction was down to $1 trillion over the same ten years.  Then, in April, federal income tax revenues were up 13% over 2017 and $40 billion higher than projected at the end of March.  This leaves a tremendous dilemma for Democrats who predicted Armageddon and a disaster.

We have also been told that corporations are keeping the money for themselves and their rich shareholders, and they are only handing out crumbs to employees.

It must be hard to explain that capital spending went up over 25% the first quarter after the tax cuts and reforms passed.  I would assume these orders equate to more jobs, a faster growing economy, more profits – and more money to the government.  I will have to ask the media and other Democrats why this is happening.  Have Obama's policies finally kicked in?

Capital expenditures are on track to post 25.9 percent growth in the first quarter, according to Thomson Reuters[.]

Manufacturing jobs were down 200,000 in the eight years of Obama and are up around 300,000 during Trump's first sixteen months.  Part-time jobs are also down 800,000 since Trump took office.  Today, there is technically one job available for everyone working.  All the economic numbers and confidence numbers are exceptionally good and much better than when Obama was in and much better than projected.

The tax cut reform package is helping almost all individuals, almost all big and small corporations, states, federal and local governments, pension funds, and other retirement funds.  There are very few people whom the tax cuts haven't helped, especially with the booming economy.

Therefore, the media are in a bind themselves, just like the states that are getting too much money.  Are journalists going to keep repeating Democrat talking points that the tax cuts are helping only the wealthy in order to keep the polling on the tax cuts down, or are they going to tell the truth?