{"id":2103,"date":"2017-11-21T15:55:00","date_gmt":"2017-11-21T15:55:00","guid":{"rendered":"http:\/\/democrats.org\/blog\/2017\/11\/21\/vol-1-trumps-broken-tax-promises\/"},"modified":"2017-11-21T15:55:00","modified_gmt":"2017-11-21T15:55:00","slug":"vol-1-trumps-broken-tax-promises","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/vol-1-trumps-broken-tax-promises\/","title":{"rendered":"Vol. 1: Trump\u2019s Broken Tax Promises"},"content":{"rendered":"<p>President Trump and his administration have made a lot of promises about their tax plan, all of which have been broken or will soon be broken by the Republican tax plan currently moving through Congress. Here&rsquo;s just one:<\/p>\n<p><strong><u>Broken Promise #1:<\/u><\/strong> <strong>Trump said the typical U.S. household will get a $4,000 pay raise, if not more, under his plan. <\/strong><\/p>\n<p style=\"margin-left:.5in;\"><a href=\"http:\/\/www.politico.com\/tipsheets\/morning-tax\/2017\/10\/12\/the-4-000-question-222770\">Politico<\/a>: &ldquo;THE $4,000 QUESTION: That&rsquo;s how much President Donald Trump says his tax proposal will boost wages, thanks to his plans to cut the corporate tax rate and give companies a tax holiday on their overseas earnings. <strong>The combination &lsquo;would likely give the typical American household a $4,000 pay raise &mdash; it could be a lot more than that too,&rsquo;<\/strong> Trump said in a tax-reform speech Wednesday in Harrisburg, Pa., our Colin Wilhelm reports.&rdquo;<\/p>\n<p><strong><u>Reality:<\/u><\/strong><strong>&nbsp;Economists widely criticized Trump&rsquo;s claim of a $4,000 pay raise as &ldquo;fatally flawed&rdquo; and &ldquo;irresponsible.&rdquo;<\/strong><\/p>\n<p style=\"margin-left:.5in;\"><a href=\"http:\/\/jaredbernsteinblog.com\/i-got-issues-with-the-new-cea-report\/\">CBPP Economist Jared Bernstein<\/a>: &ldquo;Thus, CEA&rsquo;s new report on the wage-boosting effects of the proposed cut in the corporate rate from 35 to 20 percent <strong>looks fatally flawed<\/strong> to me. It is a literature review that picks only the ripest of cherries, ignoring the large body of literature that goes hard in the other direction.&rdquo;<\/p>\n<p style=\"margin-left:.5in;\"><a href=\"https:\/\/www.vox.com\/policy-and-politics\/2017\/10\/16\/16481962\/corporate-tax-4000\">Vox<\/a>: &ldquo;Plenty of economists and tax researchers have argued that Hassett&rsquo;s results are implausible and reach some absurd conclusions.&rdquo;<\/p>\n<p><strong>Even the economists cited in the CEA&rsquo;s report disputed its conclusions.<\/strong><\/p>\n<p style=\"margin-left:.5in;\"><a href=\"https:\/\/www.nytimes.com\/2017\/10\/17\/us\/politics\/white-house-push-to-help-workers-through-corporate-tax-cut-draws-skepticism.html?_r=0\">New York Times<\/a>: &ldquo;Mr. Trump&rsquo;s Council of Economic Advisers said in a report released on Monday that reducing corporate taxes could raise average household incomes by as much as $9,000 a year. <strong>The top end of that estimate was based on work by a trio of researchers, and on Tuesday one of them,<\/strong> <strong>Mihir Desai of Harvard, said Mr. Trump&rsquo;s team had misread the research. <\/strong>The actual income gain implied by his study, he estimated, would be $800.&rdquo;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Trump and his administration have made a lot of promises about their tax plan, all of which have been broken or will soon be broken by the Republican tax plan currently moving through Congress. Here&rsquo;s just one: Broken Promise #1: Trump said the typical U.S. household will get a $4,000 pay raise, if not <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2103","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vol. 1: Trump\u2019s Broken Tax Promises - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/vol-1-trumps-broken-tax-promises\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-21T15:55:00+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/vol-1-trumps-broken-tax-promises\/\",\"url\":\"https:\/\/democrats.org\/news\/vol-1-trumps-broken-tax-promises\/\",\"name\":\"Vol. 1: Trump\u2019s Broken Tax Promises - 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