And the overall impact on the American economy has been very positive. Corporations employ people you know. Lower taxes make them more competitive with other nations. Means more jobs and more money in the economy. Simple stuff.
The US already had a competitive tax rate (once you take into account all the deductions, loopholes, etc. - lowering the effective tax rate), and now corporations not only got their tax rate cut, they still pretty much got to keep all the deductions, loopholes, etc. (even before the tax cut, there were corporations paying little to nothing in taxes).
But even w/ the lowered corp. tax rate, this hasn't stopped companies from continuing to use off-shore tax shelters and the like (why pay the lowered rate when you can
pay even less?).
And on top of that, corporations still insist on state subsidies for new or continued investments (more corporate welfare).
The bulk of the savings went into share buybacks (gee, I wonder who that helps?).
And yet, despite all the savings - companies are still slashing jobs.
Even jobs w/ require a high degree of education/training are being cut and outsourced - whether that be via hiring cheaper workers w/ H1-B visas or off-shoring (a favorite for many large and immensely wealthy corporations is to cut their IT dept., but even accounting and basic legal work is being done off-shore).
Doesn't matter about the tax rate being cut - CEOs are always looking to continue cutting costs (as that increases share prices which directly benefits their bank accounts) and salaried workers are the easiest way of doing that.
A certain group wants to harken back to the good ol' days of the 1950s-1960s - back when the American middle class was at its peak.
But guess what?
That's when the US was most like a Scandinavian, socialist/capitalist democracy.
Top marginal tax rate of over
90% (am no way suggesting a return to that level).
CEOs making
20-25 times in pay of the avg. salary instead of
250-300x.
Govt. heavily subsidizing higher education and home ownership (via GI Bill).
Large infrastructure projects like the National Interstate Highway System.
All that - while paying down the immense debt accrued for WWII.