THE NEW TAX LAW IS NOT DOING WHAT REPUBLICANS PROMISED, BUT INSTEAD IS RAISING BUDGET DEFICITS AND COSTING OUR NATION AND MOST AMERICANS MORE.
In fact, the new tax law has not created a budget surplus, it has only given financial gifts to big business and cut tax deductions, penalizing Americans and causing losses for most of them.
Sadly, the very people who designed and passed the new tax law have admitted that deficits in America's budget have become higher and higher.
So even though the White House brags about a growing economy, the deficit spending in the USA grows and grows. A question that most Americans are asking:
"We gave billions to big corporations, yet the average taxpayer is paying more than ever. Does this mean that we are paying the bills for the gifts that were made to big corporations, while our nation goes deeper and deeper into debt?"
Another question to consider is, what is the future economic outlook?
We are seeing greater conflicts in trade wars and tariffs with China, Europe and Latin America. We barely dodged a $40 billion bullet with Trump's threat of a huge tariff on Mexico, and only the Republican outrage from Texas, New Mexico, Arizona and California caused Trump to table that idea.
Plus we see potential conflicts with Venezuela, North Korea, China, Iran and Russia if we are to believe statements made by John Bolten and Donald Trump. These conflicts or possible military actions could further impact the GDP and budget deficits.
When there was debate regarding the new tax law, we at BOOTHE GLOBAL PERSPECTIVES argued that the new tax law would cost of more than ever and would not pay for itself.
We were concerned that it would especially cost most Americans more because it eliminated many tax deductions that middle class Americans like and use.
Plus, the burden of additional tariffs, on China for example, only create more costs and higher prices for Americans. So it is like an "invisible tax" increasing the costs of living for every American, often by as much as 18-20 percent if they buy large amounts of goods made in nations hit by TTs (Trump Tariffs).
We at BootheGlobalPerspectives were right when we said, "This law will be a disaster for our nation, and the average taxpayers will have to carry the load."
Now we are seeing that projections by Republicans who pushed this through the Congress were either vastly mistaken or that they did not tell Americans the truth to get this bill passed.
In the meantime, deficits in America are growing higher and higher at an alarming rate.