Trump Tax Is Not Helping Workers
April 5, 2018
As Trump heads to West Virginia today for a tax roundtable, we know that he will continue to lie about the Republican tax bill. Despite what he says, the truth is that the Trump tax is not helping workers. Here are the facts:
The Trump tax is not helping workers.
Washington Post Wonkblog: “The tax cuts were supposed to help workers. Unions say they’re not.”
Vox: “Republicans said their tax bill would go to workers. Instead, it’s going to Wall Street.”
Fast Company: “Workers Are Getting Basically Nothing From The Corporate Tax Windfall.”
Corporations are using their massive windfalls to benefit their wealthy shareholders in record numbers, and most have no plans for those benefits to trickle down to workers.
CNBC: “Companies projected to use tax cut windfall for record share buybacks, JP Morgan says.”
Business Insider: “‘In our February survey—which was in the field from February 12 through February 23—we asked firms, 'How has the recently enacted Tax Cuts and Jobs Act led you to revise your plans for capital expenditures in 2018?' The results shown below—restricted to the 218 firms that responded in both November 2017 and February 2018—suggest that, if anything, these firms have revised down their expectations for this year.’”
The Trump tax overwhelmingly benefits the top 1% rather than lower-income Americans.
Washington Post: “The Republican tax law passed last fall will give the richest 1 percent of Americans an average personal income tax break of about $33,000, while the poorest Americans will receive an average personal income tax break of $40, according to a new study published this week by nonpartisan analysts.”
More than half of Americans say they have not seen their paychecks increase despite Republicans’ promises.
CNBC: “Just 32 percent of the public reports having more take home pay because of the tax cuts, including only 48 percent of Trump supporters and 35 percent of the middle class. More than half say they see no change in their paychecks and 16 percent are unsure.”
Americans see through the Republican tax lies.
The Hill: “GOP tax message hits a snag”
MSNBC: “Republican tax cuts not working out as the GOP intended”
Huffington Post: “Republicans Are Seeing Weak Returns On The Tax Law”