Donald Trump’s tax cut for the rich and the corporations they control is turning out to be a bust for the American economy.

It will, however, burden taxpayers with at least $1.5 trillion more federal debt because, instead of boosting tax revenues through increased economic activity as promised, it has caused a sharp drop in revenue.

In addition, millions of residents of blue states are about to get hit with big federal income tax increases while many American expatriates who own businesses overseas are also facing unexpected new tax bills, especially if they prudently saved for their old age under the systems of the countries where they now reside.

I’ll be speaking about this at a Toronto tax conference on Friday, Feb. 1.

A host of economic indicators show that the 2017 Tax Cuts and Jobs Act failed to achieve its key promise, a major increase in investments by business that would create more jobs. This is exactly the result that many, including those of us at DCReport, predicted.

The economy is slowing down despite the promise that the Trump-Radical Republican tax cut would spur […]