Last week, New York magazine’s Jonathan Chait became the latest Trump hater to claim, according to the title of his article, that a study had found that the Trump tax cuts failed to do anything but give rich people more money.
The “study” in question was actually an analysis by the Congressional Research Service (CRS), a component of the Library of Congress that some, including Chait, refer to as “a kind of in-house think tank for Congress.”
The analysis, which can be read here, is titled “The Economic Effects of the 2017 Tax Revision: Preliminary Observations” and examines the impact so far of the Tax Cuts and Jobs Act. The bottom line, which has Jonathan Chait, gleefully shouting from the rooftops, is that the law hasn’t been as dramatic a boon to the economy as its architects might have hoped. The fact that the CRS labels its report “preliminary observations” in no way mitigates Chait’s perverse delight.
The video that follows, however, well might. In it libertarian John Stossel takes on the old saw “The rich get richer, but the poor get poorer.”