GOP TAX MYTH

Republicans keep insisting that tax cuts promote economic growth even though this is proven to be a myth.*  The best growth followed the tax increases of President George H.W. Bush ("read my lips no new taxes") followed by another big tax increase by President Bill Clinton.

Much of the tax cuts on companies has been wasted by companies buying back massive amount of stock ($800 billion in 2018).**
Buyback Monsters
Share count reduction since 2010:**

Travelers: 51 percent
AutoZone: 48 percent
Kohl’s: 46 percent
Northrup Grumman: 45 percent
Lowe’s: 44 percent
Gap: 42 percent
IBM: 32 percent
Apple: 26 percent
Source: S&P Global

Home Depot has bought back about 35% of its stock making a phony increase in the earnings per share without any increase in revenues or profits.**  Also, such massive buybacks mean the company is slowly liquidating, whether that is the purpose.

A few excerpts from a  particularly good recent (April 2019) analysis*** of the 2017 tax cuts follow:
The Trump tax cuts cost the government even more. The Act increases the deficit by $1 trillion over the next 10 years according to the Joint Committee on Taxation. It says the Act will increase growth by 0.7% annually, reducing some of the revenue loss from the $1.5 trillion in tax cuts. 
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The JCT analysis is probably the most accurate since it only analyzes the cost of the tax cuts themselves.
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Increase in sovereign debt dampens economic growth in the long run. Investors see it as a tax increase on future generations. That's especially true if the ratio of debt-to-GDP is near 77%. That's the tipping point, according to a study by the World Bank. It found that every percentage point of debt above this level costs the country 1.7% in growth. The U.S. debt-to-GDP ratio was 104% before the tax cuts.
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Many large corporations confirmed they won't use the tax cuts to create jobs. Corporations are sitting on a record $2.3 trillion in cash reserves, double the level in 2001. The CEOs of Cisco, Pfizer, and Coca-Cola would instead use the extra cash to pay dividends to shareholders. The CEO of Amgen will use the proceeds to buy back shares of stock. In effect, the corporate tax cuts will boost stock prices but won't create jobs.***

This blog has had many discussions on taxes and tax cuts, see: http://stopcontinentaldrift.blogspot.com/2018/08/taxes-discussions-on-reunite.html

* https://www.washingtonpost.com/news/posteverything/wp/2017/09/28/i-helped-create-the-gop-tax-myth-trump-is-wrong-tax-cuts-dont-equal-growth/?utm_term=.afb5b3bd82f6
https://www.politico.com/story/2018/05/14/tax-cut-economic-boom-republicans-584197
** https://www.cnbc.com/2019/02/27/companies-keep-buying-their-own-stock-in-force-led-by-buyback-monsters-like-home-depot.html
*** https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968