Republicans spent $1.9 trillion on tax cuts that primarily benefited the wealthy and corporations and in return will get a very meager 0.7 percent in additional economic growth over the next decade.

The richest 1% of taxpayers will get an average tax cut of $50,000 in 2020 from the Trump-GOP tax cuts. That’s over 75 times more than the tax cut for the bottom 80% of taxpayers, which will average $645. These figures are comparable to estimates from the Tax Policy Center for 2018, which found the average tax cut for the richest 1% to be $51,000 and the average tax cut for the bottom 80% to be about $800.


Now, let's look at the effect of tariffs that Trump imposed on Chinese goods:

The ever-escalating tariffs on Chinese goods are producing increased costs for American consumers. “On an annual basis, when adding the tariffs in effect and the tariffs set to go into effect by the end of 2019, the costs of the tariffs to consumers will be $259.2 billion. That is, the tariffs will cost the average household $2,031 per year, and will be recurring so long as the tariffs stay in effect,” according to a new National Foundation for American Policy (NFAP) study.

why are you poor ? ráng chịu 

Under Biden, Democrats are poised to raise taxes on business and the rich
https://economictimes.indiatimes.com/news/international/world-news/under-biden-democrats-are-poised-to-raise-taxes-on-business-and-the-rich/articleshow/81737737.cms

Democrats have spent the last several years clamoring to raise taxes on corporations and the rich, seeing that as a necessary antidote to widening economic inequality and a rebuke of former President Donald Trump’s signature tax cuts.

Now, under President Joe Biden, they have a shot at ushering in the largest federal tax increase since 1942. It could help pay for a host of spending programs that liberal economists predict would bolster the economy’s performance and repair a tax code that Democrats say encourages wealthy people to hoard assets and big companies to ship jobs and book profits overseas.

The question is whether congressional Democrats and the White House can agree on how sharply taxes should rise and who, exactly, should pay the bill. They widely share the goal of reversing many of Trump’s tax cuts from 2017 and of making the wealthy and big businesses pay more. But they do not yet agree on the details — and because Republicans are unlikely to support their efforts, they have no room for error in a closely divided Senate.
...
Read more at:
https://economictimes.indiatimes.com/news/international/world-news/under-biden-democrats-are-poised-to-raise-taxes-on-business-and-the-rich/articleshow/81737737.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst