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Economist Paul Krugman stuns GOP for defending Trump’s corporate tax cut

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Nobel Prize-winning economist Paul Krugman is amazed that Republicans are so strongly defending Trump administrations to cut corporate tax rate by 40% because that’s what he calls a dismal failure to stimulate the economy, as promised even before the pandemic.

President Joe Biden is seeking to raise corporate taxes from 21% to 28% to recoup some of the rate corporations were paying when Donald Trump moved into the White House. (They were then paying a rate of 35%.)

Trump claimed the tax cut would boost business investment and increase jobs and wages. Instead, many companies have taken advantage of the tax windfall to buy back their own shares at record rates rather than expanding their businesses. Wage growth has been below expectations and the cut did not pay for itself as Trump had promised. Instead, massive corporate tax relief helped drive the country into record (pre-pandemic) deficits.

Dozens of some of America’s biggest companies have yet to pay any taxes last year.

I was a little surprised to see Republicans oppose Biden’s plans claiming that Trump’s corporate tax cut was a big success. I thought they were in hiding given his dismal failure 1 /

– Paul Krugman (@paulkrugman) April 5, 2021

I mean, we were promised a big increase in business investment; here is what really happened 2 / pic.twitter.com/0MMGaFOddI

– Paul Krugman (@paulkrugman) April 5, 2021

But stupid me. The actors involved here have a long history of denying clear facts that conflict with their agenda. Remember how Rs responded to the surge in registrations at Obamacare? 3 / https://t.co/Y0X9TdS0dV

– Paul Krugman (@paulkrugman) April 5, 2021

So I’m going to make a prediction: as the economy is booming, we’ll see claims both that the boom is bogus, that Biden is cooking the books, and that Trump deserves credit 4 /

– Paul Krugman (@paulkrugman) April 5, 2021

Krugman said he shouldn’t be surprised by Republicans’ revisions of the past, given their long history of denying clear facts that conflict with their agenda.

He predicts that next time around, they will argue that Biden is cooking the books and that Trump deserves credit for a strong economy.

If you paid $ 120 for a pair of Nike Air Force 1 shoes, you paid Nike more than it paid in federal income taxes in the past 3 years, when it made 4 , $ 1 billion in profits and that Nike founder Phil Knight has grown to over $ 23 billion. richer. Yes. We have to #TaxTheRich.

– Bernie Sanders (@BernieSanders) April 2, 2021

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