Majority of Voters Say Trump Tax Is Not Trickling Down
February 21, 2018
Voters trust Democrats over Republicans to do a better job of handling taxes. And it’s clear why: despite what Republicans say, the Trump tax has not trickled down to workers. Instead, corporations continue to pass their savings onto their wealthy shareholders in record numbers.
A majority of voters say they have not seen the Trump tax trickle down to their paychecks.
Politico: “Most voters aren’t noticing more money in their paychecks under the new tax law, according to a new POLITICO/Morning Consult poll. Just a quarter of registered voters, 25 percent, say they have noticed an increase in their paycheck, the poll shows. A majority, 51 percent, say they have not.”
Corporations continue to use the Trump tax to benefit their wealthy shareholders, not their workers.
Associated Press: “Investors big winners as companies allocate tax savings”
Skift’s Hannah Sampson: “In earnings call, @SixFlags execs say they expect to see $40-50 million in annual savings starting in 2020 from new tax law. What will they do with that money? ‘We'll end up giving all that money back to shareholders’ through dividends and stock buybacks.”
Atlanta Journal Constitution: “Coca-Cola will utilize benefits from the recent corporate tax reduction towards repaying company debt and returning cash to its shareholders.”
Financial Times: “Cisco announces $25bn share buyback”
In many cases, the Trump tax actually incentivizes corporations to lay off workers.
Fortune: “It will certainly put more money into employers’ hands, but it offers them no particular incentives to spend that money on hiring. In fact, it does the opposite: It incentivizes employers to replace workers with machines.”
CNBC: “First, the new tax law actually means that corporations could pocket more savings by laying off workers in 2018 than they could in 2017. It also makes it cheaper to buy labor-replacing machinery than in 2017.”