More Evidence the Republican Tax Scam Leaves American Families Behind

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.

  • Bank of America’s bonuses to workers cost about 5% of its tax savings in 2018 alone.
  • Apple’s bonuses cost less than 1% of its tax savings from a single provision.
  • Walmart spent six times more to buy back debt and benefit shareholders, than it did on bonuses and wage increases.

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.

  • Higher federal debt and borrowing costs.
  • Difficulty for state and local governments to afford services in higher-tax areas.
  • Lower home values due to reduced tax incentive for home ownership.

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, Medicare and other top priorities for American families.

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House Budget Committee Majority

House Budget Committee Majority

Fighting for budget priorities that reflect the values of families across the country.