VIDEO: Michigan Veteran Highlights Harm of Trump Tax on American Workers
April 17, 2018
Today, the Democratic National Committee released a video highlighting the story of Jim Gibbons, a Vietnam veteran who was laid off by Ford during the auto industry collapse in 2007. Earlier this year, Republicans passed a tax bill that incentivizes companies to ship jobs overseas, and now American workers are worried about finding themselves in the same place Jim once did. Jim and his wife have a message for the American people: “Go vote. Go vote. Your life may depend on it.”
The Trump tax is not helping workers.
Despite Republican claims, corporations are using their massive tax windfalls to benefit their wealthy shareholders, not their workers:
- The Trump tax actually promotes outsourcing and in many cases incentivizes corporations to lay off workers.
- Corporations have already announced more than $218 billion in planned buybacks, and are estimated to authorize at least $800 billion in buybacks this year, a 51 percent increase from 2017.
- Republicans have touted one-time bonuses – not the longer-term wage increases they promised – that amount to less than three percent of what corporate shareholders are reaping.
- Companies that Trump and Republicans touted for giving one-time bonuses to employees have been simultaneously laying off their workers.
- Despite Republican promises, the Trump tax has done little to spur investment or wage growth, and most corporations say they have no plans to pass benefits on to their workers.