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    Trump’s Tax Cut Fueled Investment but Did Not Pay for Itself, Study Finds

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    The most detailed research yet on corporate response to the 2017 Republican tax law shows modest gains for workers and high cost to the federal debt.The corporate tax cuts that President Donald J. Trump signed into law in 2017 have boosted investment in the U.S. economy and delivered a modest pay bump for workers, according to the most rigorous and detailed study yet of the law’s effects.Those benefits are less than Republicans promised, though, and they have come at a high cost to the federal budget. The corporate tax cuts came nowhere close to paying for themselves, as conservatives insisted they would. Instead, they are adding more than $100 billion a year to America’s $34 trillion-and-growing national debt, according to the quartet of researchers from Princeton University, the University of Chicago, Harvard University and the Treasury Department.The researchers found the cuts delivered wage gains that were “an order of magnitude below” what Trump officials predicted: about $750 per worker per year on average over the long run, compared to promises of $4,000 to $9,000 per worker.The study is the first to use vast data from corporate tax filings to draw conclusions about the Tax Cuts and Jobs Act, which passed with only Republican support. Its findings could help shape debate on renewing parts of the law that are set to expire or have begun to phase out.That includes a key provision targeting investment, which the authors identify as the most cost-effective corporate cut. That benefit, which allowed companies to immediately deduct investment spending from their income taxes, would be renewed as part of a bipartisan tax bill that passed the House in January.It also challenges narratives about the bill on both sides of the aisle. Democrats have claimed the tax cuts only rewarded shareholders and did not help the economy. Republicans have called them a cost-free boon to the middle class. Both appear to have been wrong.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Man Who Stormed Capitol as Princeton Student Gets 2-Month Prison Term

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      Larry Giberson was a sophomore studying political science when he joined the riot in Washington on Jan. 6, 2021.A 22-year-old New Jersey man was sentenced to two months in prison on Wednesday for taking part, as a Princeton University student, in the storming of the U.S. Capitol on Jan. 6, 2021, by a mob loyal to former President Donald J. Trump.The man, Larry F. Giberson Jr., pleaded guilty in July to civil disorder, a felony, after federal prosecutors charged him with that crime and several misdemeanors, according to court records. At the riot, according to a federal agent’s affidavit, Mr. Giberson cheered on others as they used weapons and pepper spray to attack the police officers guarding a tunnel and tried, unsuccessfully, to start a chant of “Drag them out!” among other actions.The misdemeanors were dismissed as part of Mr. Giberson’s plea agreement, court records show. He was also sentenced to six months of supervised release under home detention.Larry Gibersonvia FBIBefore being sentenced, Mr. Giberson, of Manahawkin, N.J., expressed remorse in court for what he called his “careless and thoughtless actions,” The Associated Press reported.“I don’t believe my defining moment was there on the Lower West Terrace,” he said, referring to the section of the Capitol he had entered, according to The A.P. “Instead, I believe my defining moment is now, standing before you.”He was sentenced by Judge Carl J. Nichols of U.S. District Court in Washington, D.C., who was appointed to the federal bench by Mr. Trump. Judge Nichols called Mr. Giberson’s actions “reprehensible” and said the two-month sentence was “something of a break,” The A.P. reported.“I do believe that his expressions of remorse, generally and then again today, are candid and truthful,” the judge said. “That’s important to me.”The maximum sentence for civil disorder is five years. Prosecutors had argued in court filings for a prison term of 11 months to be followed by three years of supervised release. The office declined to comment on Mr. Giberson’s sentence.Charles Burnham, Mr. Giberson’s lawyer, had sought a sentence that did not include prison time or supervised release. Mr. Burnham did not immediately respond to a request for comment.Mr. Giberson graduated from Princeton in May, Mr. Burnham wrote in a court filing. The Daily Princetonian, a student newspaper, reported in July that Mr. Giberson had earned a bachelor’s degree in politics and certificates in values and public life and French.It is unclear whether Princeton took any action against Mr. Giberson as a result of his arrest. A university spokesman did not respond to an email inquiry on Wednesday.Mr. Giberson is one of more than 1,100 people who have been charged with crimes stemming from the Capitol riot amid an investigation that is continuing, according to the Justice Department. More than 400 have been charged with assaulting or impeding law enforcement authorities.He was among a group of rioters who pushed against a phalanx of officers defending the Capitol at a tunnel entrance on the Lower West Terrace, according to an affidavit filed by a federal agent. With Mr. Giberson at the front of the crowd, one officer was briefly crushed between the rioters and the tunnel doors, the affidavit says.Mr. Giberson had traveled to Washington with his mother for the “Stop the Steal” rally that day after seeing Mr. Trump’s social media post urging his supporters to descend on the city to protest Congress’s imminent certification of President Biden as the winner of the 2020 election, court records show.Mr. Burnham, Mr. Giberson’s lawyer, wrote in a court filing that his client had not been motivated to come to Washington because of “membership in radical groups” or a belief in “online conspiracy theories.”Rather, Mr. Burnham wrote, Mr. Giberson had “studied the issues surrounding the 2020 election and concluded that state actors had interfered with the electoral process in unconstitutional ways.”Mr. Giberson and his mother became separated after making their way to the Capitol from the rally, court records show. After entering the tunnel and joining the push against the officers, he waved other rioters in and joined a second round of shoving against the officers, the federal agent’s affidavit says.Mr. Giberson could be seen in publicly available video footage wearing a blue “Make America Great Again” cap on his head and a Trump flag around his neck and climbing toward the tunnel entrance, the affidavit says.Federal investigators matched a photo of Mr. Giberson from the day of the riot with images posted on social media and the Princeton website, as well as with photos from his high school, the affidavit says. He was arrested in March.There is no record of his mother’s having been charged in connection with the Capitol riot. More

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      Princeton Student Charged With Attacking Officers During Jan. 6 Riot

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      Larry Giberson was part of a mob that fought with the police and he cheered on others who used weapons and pepper spray against officers, prosecutors said.A Princeton University student was charged on Tuesday with being part of a violent mob that assaulted law enforcement officers during the Capitol riot on Jan. 6, 2021, federal prosecutors said.The student, Larry F. Giberson Jr., was among a group of rioters who pushed against a phalanx of officers defending the Capitol at a tunnel entrance, according to an affidavit filed by a federal agent. With Mr. Giberson at the front of the crowd as the confrontation unfolded, one officer was briefly crushed between the rioters and the tunnel doors, the affidavit says.Mr. Giberson, 21, waved other rioters into the tunnel and joined a second round of shoving against the officers, the affidavit says. He also tried, unsuccessfully, to start a chant of “Drag them out!” and cheered on others as they used weapons and pepper spray to attack the police guarding the tunnel, the affidavit says.Mr. Giberson was charged in a criminal complaint filed in Federal District Court in Washington, D.C., with civil disorder, a felony, and several misdemeanors, including engaging in physical violence in a restricted building. He was arrested in Washington and released with conditions after an initial appearance before a federal magistrate judge.A Princeton University spokesman confirmed that Mr. Giberson, of Manahawkin, N.J., was enrolled as a member of this year’s graduating class.A university website lists Mr. Giberson as a James Madison Program undergraduate fellow for the 2022-23 academic year. The program, the website says, provides “a unique opportunity” for students to “pursue, outside of the classroom, academic interests related to politics, history, law and political thought.” Mr. Giberson could not be reached for comment. A lawyer representing him did not respond to a request for comment.Mr. Giberson is among about 1,000 people to be charged in connection with the Jan. 6 riot, and one of more than 320 to be accused of assaulting or impeding law enforcement officers as supporters of former President Donald J. Trump stormed the Capitol in a bid to disrupt the certification of President Biden as the winner of the 2020 election.Mr. Giberson can be seen in publicly available video footage wearing a blue “Make America Great Again” cap on his head and a Trump flag around his neck and climbing toward the tunnel entrance on the Capitol’s Lower West Terrace shortly after 3 p.m. the day of the riot, the affidavit says.Once inside the tunnel, prosecutors said, Mr. Giberson and others tried to force their way in with a coordinated “heave-ho” pushing effort that left one officer crushed between a door and a rioter’s shield.Officers eventually gained temporary control of the tunnel and pushed out rioters, including Mr. Giberson, prosecutors said. As the mob continued its attack, Mr. Giberson stood by and watched as one officer was dragged into the crowd, assaulted and injured, they said.Federal investigators matched a photo of Mr. Giberson from the day of the riot with images posted on Instagram and the Princeton website, as well as with photos from his high school, the affidavit says.He was subsequently interviewed at the Princeton Police Department, where he acknowledged being the person seen in videos and photos from the scene of the riot, the affidavit says.The Daily Princetonian, a student newspaper, reported on Tuesday that Mr. Giberson publicly opposed the university’s decision in June 2020 to remove President Woodrow Wilson’s name from its public policy school and one of its residential colleges because of what Princeton leaders said were Mr. Wilson’s “racist thinking and policies.”“If our university can be intimidated by the transient impulses of the mob mentality to disregard their own esteemed standards,” Mr. Giberson wrote in an essay in The Princeton Tory, “what guarantee is there that the university will stand firm against those who would seek to undermine the nation, or indeed, humanity itself?”Sheelagh McNeill contributed research. More