Norma Torres: “I include in the Record another article, and this one is from CNBC, titled: ``Trump Tax Cuts Did Little to Boost…”

“I include in the Record another article, and this one is from CNBC, titled: ``Trump Tax Cuts Did Little to Boost Economic Growth in 2018, Study Says.'' [From CNBC, May 29, 2019] Trump Tax Cuts Did Little To Boost Economic Growth In 2018, Study Says (By Jeff Cox) An in-depth look by the nonpartisan Congressional Research Service indicated that not only did the rollbacks in business and personal rates have little macro impact, but they also delivered the most benefits to corporations and the rich, with little boost to wages. In all, GDP rose 2.9% for the full calendar year, the best performance since the financial crisis. But that came in an economy already poised to move higher, economists Jane Gravelle and Donald Marples wrote. ``On the whole, the growth effects [from the cuts] tend to show a relatively small (if any) first-year effect on the economy,'' the report said. ``Although examining the growth rates cannot indicate the effects of the tax cut on GDP, it does tend to rule out very large effects in the near term.'' Trump had touted the cuts as a key step toward generating GDP growth of at least 3%. The legislation, passed in late 2017, slashed corporate tax rates from 35% to 21%, reduced the number of brackets, lowered rates for many individual payers, and doubled the standard deduction in an effort to make most income tax-exempt for the lowest earners.…”