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More Evidence the Republican Tax Scam Leaves American Families Behind

Feb 5, 2018

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In the weeks since Congressional Republicans jammed through their tax scam late last year, non‑partisan experts continue to provide evidence that the law is a huge giveaway to the rich that will leave families with little benefit as federal deficits swell.

The Huge Giveaway to the Rich Does Not Trickle Down — Experts agree the huge tax cut to corporations and millionaires will not trickle down to American workers in any meaningful way. The Tax Policy Center estimates 83% of the total tax cut in 2027 will go to the top 1% of taxpayers.  

The Massive Tax Cut for Corporations Benefits Shareholders, Not Workers — Experts agree the massive corporate tax cuts largely benefit wealthy shareholders through dividends and stock or debt buybacks, not workers.

Companies’ Bonus and Wage Increase Announcements Tell Us Nothing About the GOP Tax Law’s Impact on Workers — These announcements are meaningless for measuring the tax law’s impact on workers, because these companies would have made business decisions to keep and attract good workers in a competitive labor environment, regardless of the tax cut. Many companies’ layoff announcements following passage of the tax bill demonstrate their decisions largely reflect internal business goals. One company, Kimberly-Clark, even stated it will use some of its tax savings to lay off more than 5,000 workers.     

The Republican Tax Scam Does Not Pay for Itself — Experts agree the Republican tax law will not create significant economic growth to pay for itself; instead, it will significantly increase the national debt.

Next Up: Target Benefits American Families Rely On — The Republican Tax Scam cuts taxes for the rich, while significantly increasing deficits and the national debt. Republicans remain committed to their three-step plan to give to the rich, which results in skyrocketing deficits, and then make everyone else pay for it with massive cuts to Medicare, Medicaid, and other top priorities for American families.