• The Tax Cuts and Jobs Act (TCJA) was sold as “rocket fuel for the economy.”

• Officials like Kevin Hassett (Council of Economic Advisers chair) and Treasury Secretary Steven Mnuchin claimed:

  • GDP growth would reach 4% to 6% annually.

  • Median household income would rise by $4,000 to $9,000, with Hassett even suggesting a long-term boost of $20,000 per year.

  • The tax cuts would pay for themselves through increased growth and revenue.

?? What Actually Happened

• GDP growth averaged 2.5% in the quarters following the tax cuts — exactly the same as the average before the cuts.

• There was a brief bump in 2018 (e.g., 3.1% growth from Q4 2017 to Q4 2018), but it quickly faded.

• Business investment growth averaged just 3.5%, below the 4.6% average of the prior seven quarters.

• Real median household income rose by only $550 in the first year after the tax cuts — far short of the promised $4,000 to $9,000.

• The Congressional Budget Office projected the TCJA would add $1.9 trillion to the national debt over 11 years

Every time it the same old lie

• According to the Brookings Institution, revenues fell in FY2018 compared to pre-TCJA projections — by $275 billion, or 7.6%.

• Corporate tax revenue dropped nearly 40%, matching the cut from 35% to 21%.

• The TCJA did not pay for itself, and most independent analyses agree it fell short of its growth promises