How Trump's Tax Law Failed America | Opinions | NowThis
ฝัง
- เผยแพร่เมื่อ 7 ก.ย. 2024
- ‘All those promises have come to nothing.’ - The great Trump tax law has been an utter failure; former Labor Secretary Robert Reich breaks it down.
» Subscribe to NowThis: go.nowth.is/New...
» Sign up for our newsletter KnowThis to get the biggest stories of the day delivered straight to your inbox: go.nowth.is/Kn...
In US news and current events today, former Labor Secretary Robert Reich spoke to NowThis News about the effects of Trump's tax cuts 2019 - and it's not pretty. The Republican tax bill created massive tax cuts for the richest Americans and while Trump and the GOP promised this Trump tax reform would trickle down into success for everyone, it did no such thing. In other White House news, President Trump impeachment hearings are going public this week.
#Politics #Trump #Taxes #TaxReform #News #NowThis #NowThisNews
Connect with NowThis
» Like us on Facebook: go.nowth.is/New...
» Tweet us on Twitter: go.nowth.is/New...
» Follow us on Instagram: go.nowth.is/New...
» Find us on Snapchat Discover: go.nowth.is/New...
NowThis is your premier news outlet providing you with all the videos you need to stay up to date on all the latest in trending news. From entertainment to politics, to viral videos and breaking news stories, we’re delivering all you need to know straight to your social feeds. We live where you live.
/ nowthisnews
@nowthisnews
![Warhammer 40k: Space Marine 2 | เพื่อจักรพรรดิ ! [ตอนเดียวจบ]](http://i.ytimg.com/vi/4M0ckYMA4-U/mqdefault.jpg)
So people still believe a man with multiple bankruptcies, including a casino somehow, is some kind of financial genius?
Pit Friend really.. really REALLY sad, stupid people
multiple casinos
Pit Friend because some of his investments failed means we should deny the billions he made? That’s what investors do some work and some don’t but trump ended out ontop and a successful genius.
@@Storm-tl4rw he inherited hundreds of millions of dollars and we should be impressed he isnt homeless?
@@Storm-tl4rw and trump didnt end up on top, he started out on top. thanks to his daddy of course.
How Trumps existence failed humanity.
Callan Pepper Because of his pro climate change policies, also the acceleration of destroying ecosystems with the pipelines and oil spills since many restrictions have been lifted, also for promoting cruel dictatorships, also for the incarceration of Latin American refugees, and the list goes on...
Trump 2020. Trump Jr. 2024
@@deweycox6511 Your comment is exactly like your channel. Zero content.
Dewey Cox offyour self vermin
@@deweycox6511 that would be awesome! Watch these liberal snowflakes melt all over again... Force the demo-rats to deal with him for another 4 years. Watch the status quo fall again hahaha! Upset the established order and everything becomes chaos.
I don’t understand how these fools have more than enough and want more.
Greed!
Power!
These fools never get enough propaganda...
Mayra R no one deserves 1 billion dollars and nobody will ever need a billion dollars
"trickle down economics" is not a economic term. There is no economist that sees it as a valid economic philosophy. It is a straw man for people like you to burn
_"How Trump's Failed America"_ is a tersely apt alternative to the title...
How can a man who doesn't care about his private debt care about the national debt even more?
Nooners this dumb!! Stop falling into the trap, you are being lied to, one lie after another and you are the bait…you fall for it hook line and sinker..for the love of God wake up
My gross income from 2017 to 2018 didn’t change much (increase was less than $1,000) but in 2018 I paid 20% more in taxes than I did in 2017!
“Tax CUT and Jobs Act of 2017” should have been named as “Tax Cuts for TRUMP FRIENDS and Jobs Acts of 2017”
You're not that bright, are ya?
@@jrmcgee5150 the OP is ignorant. Federal taxes went way down, yet local democratic state taxes went up. Its a well played trick from the democrats. They hated people getting less taxes, just wait until free health care and free education and their taxes double.
@@thedude5040 Sure. I imagine that taxes being placed back on the ultrawealthy so that they contribute to the upkeep of the nation for real, along with never having to pay for premiums or any other essential medical care out of pocket will more than make up for the taxes.
@@sethbritton6970 get in line for the doctor. Currently i can see a doctor the day im sick, with democratic plan, i probably will be over my sickness by the time i get to see a doctor
@@thedude5040 Annnnnnd you're misinformed. And spouting old and easily debunked propoganda to boot.
Impeach the MF
The tax cut was taken from out taxes. I worked more and got less money.
No you didn't because taxes were not raised federally. Just lowered for the wealthy who were being overtaxed. It's crazy how people who want money will lie, steal, and cheat to get it.
@@seanscanish588 What makes you think they were being overtaxed?
@@seanscanish588
During the boom years of the 50's and 60's the rich were paying a marginal tax rate of 70% or higher.
And the money was part of why we had a growing middle class.
We have a shrinking middle class now.
I'm doing great!!!
@@seanscanish588 The fact that you put "wealthy" and "overtaxed" less than 6 words apart from each other, that alone made you lose all credibility.
tRiCkLe dOwN economic more like greedy capitalism.
super X capitalism is greedy by nature. The issue is unchecked capitalism. The only way capitalism can work is if there is heavy regulation to ensure it doesn’t corrupt
@@TheStonedEvo Maybewe could try a different economic model? One that requires the well being of people at its core?
super X more like socialism for the rich only.
Trickle Down economics may have worked back when we were smaller, but the USA is huge. It cannot be done.
Capitalism for the poor, but socialism for the rich.
That is not socialism, it is protectionism.
Do you know what the term socialism means?
@@majdavojnikovic well the companies are getting money from the government so it is Socialism for the rich stop making it seems like they earn it.
Backpack PePelon trump cut taxes for everyone not just the rich
@@Storm-tl4rw 🤦♀️
@@Storm-tl4rw why r u even here
The fake billionaire bankrupted 3 casinos!
And casinos are cash cows!
How is that possible?
But Hillary's emails...
well, he fooled the fools alright.
Trump supporters will tell you that the exact opposite of everything in this video is true.
@@IHMadeThis It's always been like that. Every party is very, very entitled to their own opinion, because they always have a bias against the other party, always.
I pay for my own tuition, before trump tax change I use to get about 60% back last year got none of it back, I usually use that to put down the following year, I almost had to stop going to school if it wasn’t for the help of my family :((
@@ezras8889 Try telling that to the 1%.
Trump played his MAGA fans BIG TIME.
This is not capitalism. It is oligopoly
As an accounting student that has been learning the about tax system the only notible change in the tax law that I have seen is just a $1000 increase to the standard deduction and has actually decreased most business and itemized deductions for the normal taxpayer.
Absolutely
The manufacturing market shrinkage should be attributed also to the tariffs.
Tarrifs affect goods coming into a country... There weren't any on our exports until this fool 45 imposed them on China.
You like clean water and air? Well EPA protections did that. Companies sent mfg to place that would allow them to dump whatever wherever so we can be sold the latest whatever ... But we don't see the dirty side of commerce.
And poor Republicans LOVE this . Why? Because they were told they should love it. And that's good enough for them.
Now the big question is, how do you explain this to a Trump supporter, they will not understand it no matter what!
It's not that they can't, it's just that they won't. Listening to someone actually means hearing what they're saying. As I am learning, humans have the capacity to reason but that doesn't mean everyone will reason.
But his supporters do not realize this...
Anyone else surprised? I'm not.
Dang I got shafted. 🤕 it's painful I don't wanna talk about it.
Money is such a weird game that we are all born into playing.
Listen every President tells you what you want to hear so you vote for them. Then when they get elected they do what they want no matter what they told you.
Yeah, but this one had already posted enough red flags to cover nine city blocks in red cloth.
@@sethbritton6970 it is what it is. I'm just glad I didn't vote for him. I don't vote
Period because ther all
Scamers
This is why students loan forgiveness is a better idea. Young people would be buying houses and starting businesses which is better use of the money than interest payments to Sallie mae
So true
We knew this before the "Tax Cut".
this is the definition of failure of government
Everyone got a tax break. If you hate giving everyone a tax break then how will you feel with free education and healthcare. Yall are pretty ignorant. The standard deduction was doubled for every American. If you are mad about taxes then tell you local government to stop taking more than their fair share.
the dude Starts at the top!
Trickle down theory is not exactly logical. It's as if feeding your overweight children more will somehow make your underweight children put on weight.
thank you for laying it out for everyone. quite nicely, too.
Rubbish, baloney and an unmitigated disaster. Yep. That's Trump's entire presidency.
Whats good about an economy 23 trillion dollars in debt????
where's that tea party at now? lol
This is EXACTLY why we need someone like Bernie Sanders.
Wow trump cutting tax for multi billion dollar corporation and raise tax on wealthy and poor 🤷🏽♂️ it’s amazing to thing he mite be in office for another 4 years 🤦🏽♂️🤦🏽♂️
Makes you rethink capitalism doesn’t it
No just that people r idiots
I got screwed with this new tax law went from getting a 2000 dollar refund to a 600 dollar refund and i havent changed jobs and make 40k a year
Most arrogant president in history..🤣🤣
Don't trickle down on my shoes and tell me its raining
Government shut down looms. Brace yourselves😥
He won’t do it again he’s still embarrassed over how he negotiated himself downward and folded the last time around. He’s trying to fix his reputation before the elections, he may as well drop out the race and not even seek re-election if he’s seriously considering doing that to himself again.
Rene Torres- he is absolutely stupid enough to shut down the government again. How many times have we seen him be called out for a stupid move and he just doubles down on it.
Mike Blair ahhh I can’t argue there. It’s like, stupidity at a level that borders insanity. I’ve never seen anything quite like it.
...we know!
And yet so many people still believe in him.... he did not do anything good for this country
'Shafted!!'
yeah, what they don't tell you is that guy is really about 4 feet tall. that's a scam.
2023 November 1st : would love a comparison video for this years tax revenue vs that video
this guy needs to be heard moren
it's hilarious seeing people who vote for trump complaining why do CEO's have such high bonuses and pay, then they got ahead and vote trump
it's like it's so hard for them to connect that, Trump's Tax Cut's are basically just bonuses for CEOs
So are booming economy and low employment is a bad thing according to these crazy liberals
@@Michael45007 Figures/numbers speak louder than words! Or maybe you're not in this world!
UglyTruth Obviously didn’t watch the videodid you
UglyTruth obviously you didn’t
@@Michael45007 You better look it yourself! Stop pretending to be blind as to what the current economy and jobs are doing compared to historicals you're talking about. Go figure!!
@@Michael45007 You're the dumb one! During Obama, America is not even close to China as the No. 1 economy in the world. But now it is America the undisputed no. 1 world economy. If you still can't figure it out, you're the dumbest of them all.
THIS IS THE GREAT DEPRESSION ALL OVER AGAIN WE'RE ALL GONNA SUFFER
*angry trump supporter tiktokers has entered the chat*
I got 2 raises in 6 months this year. Which equaled to about an extra $2,300 a year, and I bought a house in April. Unemployment for minorities is at an all time low. I actually have an emergency fund of roughly $480 in silver bars that I keep in a safe... Oh ya, I had to buy a safe to store an emergency fund. My child support went up, and I can actually afford it now. My company hires about 100 people a week. They are always short staffed. Entry level with no training starts at $48k a year. I know I'm just one guy, but for me your argument has no merit.
Most of your argument is anecdotal though. All of the benefits you've described are great. However your personal experience isn't representative of the general economic trend for most Americans. Minority unemployment has been on the decline for quite some time now, and none of what Trump has done caused that.
@@khadijahmuhammad4771 so, the tax break that I got... And the tax break
My company got... And the increase in job opportunities with-in the company, and the raises that every worker in the company got with in the last 12 months has nothing to do with the Trump tax cuts. It's just totally coincidental?
@@blkhemi3925 If it doesn't coincide with the national trend, then yes. Correlation doesn't always equal causation. A bad trend doesn't mean nobody will see economic growth, it just means most won't. Across fifty states and hundreds of millions of people, one company isn't nearly a large enough sample size to represent the nation.
@@khadijahmuhammad4771 Well, I did say I'm only one guy with a single experience. Where are you getting your information from? where would you consider an area that didn't see job growth or wage increases over the last 2 years.
@@Michael45007 Larry Kudlow is Trumps chief economic adviser. He said the economy, wage growth and job creation was 100% because of Trumps tax bill, in fact they are talking about another tax cut in 2020 for the middle class.
Can this guy tell America how Biden massive tax hike is going to help the average American household.
I'm not wealthy, I got to keep more of MY money!!
How can you say allowing people (even the rich) to keep more of their money is a COST to the government.
YOUR NOT ENTITLED TO THE FRUITS OF MY LABOR!!
Taxes are how societies function. The fruits of your labor about in part because of societal contributions.
...if you did not have taxes?
You would have to provide your own roads, clean water supply, power supply, food supply chain, medicines, fire protection, medical treatment teams, petroleum supply chain, medium of exchange for everything, security up to and including military equipment and mercenaries.
Do you not think you're at least getting ok value for your money? You can try Somalia.
Because then the government has no money. And then the infrastructure will fail, education will plummet and the entire economy falls into disarray. The Dominican Republic hardly taxes you at all. They’re not exactly a flourishing 1st world nation.
We are middle class and the little extra we get to keep in our checks each week isn’t worth having this loser in office. Sorry, dude....there are way more important things in this life than money. Maybe if you had someone in your life you would know that. And your left hand doesn’t count.
@@cricketsmom8783 also, I agree there is more important things than money, why then are people advocating the state steal other people's money
It was kinda obvious what would happen, his laws would only help the rich, people like him. He has never been in the middle and lower class so he doesn't care for them.
"The only winners are the winners" most truth spoken for awhile in this crazy political world the poor will be poor and the rich will get richer that's life in 2019 world wide my fellow humans
Similar to the condition of India. Sound so same.
This is the truth! I see it in my community jobs been cut. Companies are closing down.
And nothing will happen
Has anyone got a pay raise? Any bonuses in the past two years? And im asking the average worker, not those in supervisor positions and above.
I used to get bonuses every month, it year I haven't seen a bonus. I've asked for a pay raise, I was told "no" but have to do more work because off shift cuts. I'm definitely Struggling to make ends meet.
Lmaoo ... America deserves him !! 😁
And the russians laugh at us comrades!
THAT ORANGE HEAD IS THE BIGGEST FAILURE OF AMERICA !
AMERICA ''DRUMPIE DUMBIES'' CHOOSE AGAIN CHOOSE AGAIN !!
Cost me three k more as a pensioner
Trump is the opposite of Robin Hood.
Source?
Or you're a liar.
4% economic growth is possible if the democrats aren't causing drama which will allow Trump to make the china deal go thru
Don't worry Bernie and running mate AOC have a great plan to eliminate greed at every level.
Matt Hoffman Read Bernie’s plans! He got our backs!
@@lisaglynn3121 and our wallets too.
What are the sources used for this video?
I'm pretty sure the guy. Considering his background and knowledge, that's more than enough evidence to support his claims.
Its the same as the propaganda from Fox News. Just some guy talking. This is something I want to believe, but I'm not going to be sucked into an echo chamber like everyone who watches Fox News. Show some documentation if you are going to claim all this. People these days don't want to go hunting through mountains of data and reports. Provide the information instead of just talking points, and you will have a much better chance to sway someone as well as inform them, correctly.
This is an opinion. It clearly is stated on the video. But it doesn't take much research to find that the tax cuts for the rich have done little to help the rest of the country.
FFS, enough already with Trump hating! Even if Trump ended poverty and cured cancer NowThis and HuffPost would somehow spin it negatively.
Did he say anything wrong here?
Just saying not hatin, why are most comments that involve with politics are people with no profile pics? And sorry if this triggers someone but mostly the republican side...
Yang is our only hope. Educate yourself
dump the impostor.
Oops
People still buy snake oil
I just to get 2k plus ,this year $300 :-(
Negative ... people looks who’s talking
So Trump's tax cuts fixed the debt? It really cranked up average wages? Corporate investment? Check yourself....
... *shocked Pikachu face*
tax cuts worked good for me
Cool
I close my banking account no money and iam working. :( want is going on can someone do something. Please
The federal census beuru reported in September that incomes up 3.4% annually (best in 60 years). Poverty down 11.8% (best in 20 years) unemployment lowest in 50 years. Trumps tax plan has lowered taxes for every citizen. All 7 tax brackets reported a decrease in federal tax percentages. Our total GDP increase for 2018 was up 3% while lowering total tax amount by 2 trillion. Highest tax bracket (500,00+) went from 39.6% to 37%. The average tax bracket (37,501-82,500) went from 25% to 22%. Manufactoring output in US was record high in 2018. But as advancements in technology increase the manufacturing jobs will decrease. This is unavoidable as technology streamlining advances.
This has given no real factual information it just shows how gullible some of you are. KNOW THIS you are going on my block list...ha ha ha
So did Obama and how did that turn out.
It's ok hes the white potus... as long as it wasnt that black guy! Lol
he only got 4 years to do that and half the time ya did not let him work
False
The republicans held complete majorities in the house and the senate while he was in office. His policies were just so garbage that outside of tax cuts and SOME bipartisan bills, he couldn't get anything moving.
It's actually impressive that he was able to do so much long term damage in only 4 years and somehow convince half of the US voting population that what he and his admin had passed was good for them
*Glances at booming economy and low unemployment rate*
Yeah, whatever dude.
maga cu*ts
I love Trump. Here we go . . .
Trump 2020🇺🇸🇺🇸🇺🇸
This guy is lying and wrong
Tell me why anyone on the planet is entitled to what I have earned when I haven’t agreed to the forceful taking?
Free Spirit - because you live in a society, you use the infrastructure, the companies you buy things from use the infrastructure; because if your house is on fire you would like someone to help you put it out, because if you are t-boned by a drunk driver you would like someone to pull you out, because you need teachers to teach your children.
I could go on and on, but it would be much easier if you educated yourself :)
Paying taxes supports the entire country, roads, schools, libraries, military, police etc. If you're paying your fair share there's no reason to exhibit paranoia.
Free Spirit
Nobody’s entitled to your wealth, but they’re forcing you to hand over your money anyway. Taxation is extortion.
Mowgli Hajduk very well said!
Also I personally think it should be seen as a privilege to pay tax so that the kid in another state who needs a new kidney can get one without having to bankrupt his whole family. You should want to take care of your fellow humans and a direct and good way to do that is to pay tax. However I come from a socialist country in Scandinavia and have been brought up with that mentality. America seems to be very much about just take care of your own so I guess it’s difficult to get out of that moment mindset.
Mowgli Hajduk, what we need to do is privatize the things you mentioned and more. No institution should force you to hand over anything, no matter what it is for. Taxation is extortion. Instead of the government managing everything (which it does a bad job of) let’s bid free market capitalism to do its lovely work. Businesses competing to satisfy the customer and create wealth and jobs.
I'm a business owner and it helped me a lot. I got to keep more of my money and made it easier to understand and fallow. You people are the tip of the spear for propaganda.
Is that so? So because you got yourself a few extra pennies all of a sudden that means everyone else did…? Seems to me the person whom is “the tip of the spear for propaganda” is yourself.
Umm.. do you know how much debt obama made? The economy is amazing where I'm at. Idk where you guys live. Probably California
Yea are you feeling ok dumbass
Robert Reich is a fool.
How?
Still better than Obama's
Fake news
IMPRISON THE TRUMP INSURGENTS NOW!