Sen. Chuck Grassley attempted to link the Trump tax law of 2017 to the recent economic recovery.He tweeted, "The pre-pandemic greatest economy in 50 years is roaring back following a virus interlude."Biden's stimulus has been partly credited by a government scorekeeper.Subscribe to the 10 Things in Politics Newsletter for the latest news in politics and the economy. Loading something is currently loading. Click Sign up to receive marketing emails and other offers from Insider.Senator Chuck Grassley, Iowa, stated on Friday that 850,000 jobs were created by the 2017 Republican tax law.He wrote that the Trump tax cut was "the pre-pandemic's best economy in 50 year" and was referring to President Donald Trump's 2017 tax law.Grassley, a prominent Republican, is a ranking member of the Senate Judiciary Committee. He was a key player in the passage of the 2017 tax law. It slashed corporate tax rates to 21% from 35%, and established temporary income tax cuts for individuals. These reductions will expire four years later. The bill passed Congress without Democratic support.While most Americans received a tax cut under that law, the greatest benefits went to the wealthy and large companies. It did not pay off, and the federal deficit increased by $2 trillion.Many economists believe that the tax law was a boon for multinational corporations and the richest Americans. The tax law provided a temporary boost to the economy, but it was short-lived. The economy slowed down by 2018. Grassley's record economic expansion also predates Trump's arrival at the White House.Trump did not appear to take the pandemic seriously. Trump strongly advocated for a reopening of the economy after approving a $2 trillion emergency relief package in March 2020. This was despite the fact that there were many new cases across the country. For much of 2018, the unemployment rate was more than twice what it was before the pandemic.The Congressional Budget Office released a report on Thursday that partially attributed the rapid pace of economic recovery to President Joe Biden's aggressive stimulus measures earlier in the year. Nonpartisan scorekeepers also predicted that the economy would regain all lost jobs in the pandemic by the middle of 2022.Biden praised the $1.9 trillion stimulus bill Friday as the factor that brought the latest job numbers after months of disappointing gains.Biden stated that the last time the economy grew at such a rate was 1984, when Ronald Reagan was telling Americans it was morning in America. "Well, it is almost afternoon here. The sun is rising." He said that his efforts to revive the economy were "seeming to be working a bit" moments later.Trump's corporate tax law remains a political lightning rod. Democrats want to repeal parts of the law to fund their massive infrastructure and social spending plans. Biden proposed increasing the corporate tax rate from 28% to 28%. However, some moderate Democrats prefer a lower increase of 25% to 25%.
