Capital and Main: Two Years Later: What Has Trump’s Tax Law Delivered?
media mentionPromise: “We’re also going to eliminate tax breaks and complex loopholes taken advantage [of] by the wealthy.” – President Trump, November 29, 2017.
Reality: The law kept tax loopholes in place and added new ones, including for the commercial real estate industry and wealthy heirs. In 2018, a group of the most profitable corporations paid an effective tax rate of 11.3 percent, the lowest rate in decades and almost half the rate set by the new law. “The problem of special breaks and loopholes was not addressed,” said Steve Wamhoff of ITEP whose study examined the filings of 379 Fortune 500 companies.