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Treasury Secretary Steve Mnuchin speaks as President Donald Trump looks on during a swearing-in ceremony in the Oval Office in Washington, D.C. (Photo: Alex Wong/Getty Images)

'Off by $1 Trillion,' Say Progressives on Two-Year Anniversary of Mnuchin Claim Trump Tax Cuts Would Slash Deficit

"Mnuchin's empty promise shows just how much the 2017 tax cuts for the rich were a scam on the American people."

Jake Johnson

"A treasury secretary who can't count needs to be held accountable."

That was the message progressive advocacy group Americans for Tax Fairness (AFT) directed at Steve Mnuchin Friday, marking the two-year anniversary of the treasury secretary's claim that the GOP's 2017 tax cuts would slash the U.S. budget deficit "by a trillion dollars."

AFT pointed out in a statement that the deficit has soared in the two years since passage of the tax legislation. CNN reported earlier this month that the deficit topped a trillion dollars during the first 11 months of fiscal year 2019.

"Mnuchin's empty promise shows just how much the 2017 tax cuts for the rich were a scam on the American people," said AFT executive director Frank Clemente. "Mnuchin's prediction was off by $1 trillion."

AFT called out Mnuchin's other false promises, including his prediction that the Republican tax bill would send economic growth soaring above three percent.

"That hasn't happened either," said AFT. "Annual gross domestic product was under three percent last year after passage of the tax cuts, and the latest third quarter results show GDP growth of two percent and a likely increase of 2.2 percent for the year."

In May, as Common Dreams reported, a study by the nonpartisan Congressional Research Service (CRS) found the tax bill did virtually nothing to boost wages or GDP. However, CRS did find evidence that the tax cuts led to a surge in stock buybacks, which largely benefit rich executives.

According to AFT, Trump administration officials and their Republican allies are deliberately boosting the budget deficit to bolster their case for slashing safety net programs like Medicare, Medicaid, and Social Security. Last month, the New York Times reported that Trump has discussed cutting major social programs as a possible "second-term project."

"This was the bait-and-switch plan all along," Clemente said. "Bust the budget with tax handouts to the rich and corporations, and then pay for them by cutting essential services to working families."


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Omar Hangs Up After Boebert Uses Call to Double Down on 'Outright Bigotry and Hate'

"Instead of apologizing for her Islamophobic comments and fabricated lies, Rep. Boebert refused to publicly acknowledge her hurtful and dangerous comments."

Jessica Corbett ·


Win for Alabama Workers as NLRB Orders New Union Vote After Amazon's Alleged Misconduct

A union leader said the decision confirmed that "Amazon's intimidation and interference prevented workers from having a fair say in whether they wanted a union in their workplace."

Jessica Corbett ·


'For the Sake of Peace,' Anti-War Groups Demand Biden Return to Nuclear Deal With Iran

"It's time to put differences aside and return to the Iran nuclear deal," said one advocate.

Julia Conley ·


'That's for Them to Decide': UK Secretary Rebuked for Claiming Vaccine Patent Waiver Won't Be 'Helpful' to Global Poor

One U.K. lawmaker asked when the government would "start putting the need to end this pandemic in front of the financial interests of Big Pharma?"

Andrea Germanos ·


Shell Slammed for Plan to Blast South African Coastline for Oil and Gas During Whale Season

"We cannot allow climate criminals, like Shell, to plunder in the name of greed," said Greenpeace.

Kenny Stancil ·

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