Bolstering poll results and expert analysis indicating that the tax plan Republicans forced through Congress last year is primarily benefiting big businesses and wealthy Americans, a new report finds very few corporations are raising workers’ wages or giving them bonuses, despite receiving billions of dollars in tax cuts.
As President Donald Trump signed the tax plan into law just before the New Year, he proclaimed, “Corporations are literally going wild over this, I think even beyond my expectations,” just moments after touting the legislation as “a bill for the middle class.”
But while corporations are getting about $60.8 billion in tax cuts, a study (pdf) by Americans for Tax Fairness (ATF) reveals that they are passing on only a fraction of that to their workers. A mere four percent of workers have received one-time bonuses or wage increases thanks to Republicans’ changes to the tax code, according to available data.
ATF—a campaign of more than 425 national, state, and local organizations that advocate for progressive tax reform—has launched the “Trump Tax Cut Truths” website, which details the report’s findings and features a searchable database outlining corporations’ tax cuts, stock buybacks, benefits to workers, job cuts, and new investments tied to the GOP’s tax legislation.
“There are too many disingenuous claims that the Trump and Republican tax cuts for corporations will trickle down to the middle class.”
—Frank Clemente, ATF
“This website exposes the truths, that President Trump and Republicans gave huge tax cuts to big drug companies, big oil, and other corporations, but corporations are giving back little—if anything—to working families,” ATF executive director Frank Clemente explained. “There are too many disingenuous claims that the Trump and Republican tax cuts for corporations will trickle down to the middle class.”
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