The Trump #Tax cut for corporations (& the ultra-rich) is signed into law

Today, Trump had a ceremony to sign the tax bill into law. Why? Because the Donald said something along the lines of "the networks were asking; will I sign it before Christmas?". Therefore, we can confirm Trump didn't sign the tax bill because of economic or national concerns, he signed it because of some arbitrary date he wanted to uphold to please the media (probably Fox news).

The "sales-man" also tweeted about it:  

Some of these companies (Comcast & AT&T) gave their employees $1000 bonus which Trump considers "showering their workers with bonuses". For companies like AT&T which has had consolidated revenues of $163.8 billion, paying $1000 bonus is nothing. Nevertheless, it is appreciated it. 
Still though, most decent companies have been providing their employees with Christmas bonuses for years, so obviously this is not "a phenomenon that nobody even though of".

The Young Turks has a video explaining it further:
https://www.youtube.com/watch?v=xcnbTs2myvw

Trump is making a lot of promises about the tax cuts. & he's predicting the middle-class will see much more money in their paychecks starting next year. But if you take into account all of the promises the Donald hasn't kept, his assurances don't particularly hold water. 

What's more, Trump's insistence on tweeting & being constantly concerned about the media, is having negative effects. Today, there's an article in the NYTimes about Trump promising a year ago to protect American steel using tariffs. However, nothing was done & foreign steel makers rushed to get their product into the United States. Thus, due to Trump over-promising, American steel was actually negatively affected: 

"Trump Promised to Protect Steel. Layoffs Are Coming Instead"

https://www.nytimes.com/2017/12/22/business/economy/trump-steel-industry-layoffs.html

"The layoffs have stunned these steelworkers who, just a year ago, greeted President Trump’s election as a new dawn for their industry. Mr. Trump pledged to build roads and bridges, strengthen “Buy America” provisions, protect factories from unfair imports and revive industry, especially steel."

"Foreign steel makers have rushed to get their product into the United States before tariffs start. According to the American Iron and Steel Institute, which tracks shipments, steel imports were 19.4 percent higher in the first 10 months of 2017 than in the same period last year.

Continue reading the main story

Advertisement

Continue reading the main story

That surge of imports has hurt American steel makers, which were already struggling against a glut of cheap Chinese steel."

But back to the Trump tax cut, the working-class will probably see some additional money in their paycheck but it may be dwarfed by other expenses like higher health-insurance premiums. Nevertheless, people checking to see if they get a lot more money in their paychecks will be easy to confirm. Trump signed the tax cut bill before the year's end, so it should take effect in a few days. 

However, what will be the long-term effect of the Trump tax cut? That's more difficult to determine. Trickle-down economics have been a failure before, there's no reason to think things will be different now. Former Phoenix "Suns" player Charles Barkley said it best:  
http://www.newsweek.com/charles-barkley-tax-bill-trump-republicans-trickle-down-ecomonics-756978
“I’m going to trickle my fat ass down to the jewelry story and get me a new Rolex,” he said. “I’m not going to pass it to nobody.”