SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Treasury Secretary Steven Mnuchin and his wife, Louise Linton, hold up a sheet of new $1 bills, the first currency notes bearing his and U.S. Treasurer Jovita Carranza's signatures on Nov. 15 at the Bureau of Engraving and Printing in Washington. (Photo: Jacquelyn Martin/AP)
Only 9 Percent of Fortune 500 Companies Have Shared GOP Tax Cut Windfall With Workers: Analysis
"Corporations should be honest with the public about where their fat tax cuts are going instead of doing Donald Trump's dirty work with marketing spin."
Jan 30, 2018
Less than ten percent of the nation's wealthiest and most-profitable companies have shared any of the financial benefits they received from a massive corporate tax cut provided by President Donald Trump and Republicans, a new analysis released Tuesday shows.
"Not only are few big corporations sharing any portion of their tax-cut bounty, but the amounts going to workers pale when compared to how much the companies are getting in tax cuts and to how much they're returning to shareholders through stock buybacks and dividends." --Americans for Tax FairnessAccording to Americans for Tax Fairness, a coalition of organizations which advocates for progressive tax reform, the numbers in their new analysis reveal that the GOP public relations campaign touting the idea that corporations would be sharing "a big slice of their huge Trump tax cuts with their workers through bonuses and wage hikes is mostly hype."
The ATF analysis, in fact, draws from financial data and public statements compiled by a similarly named (though ideologically opposite) group, the Americans for Tax Reform. The right-leaning ATR has been maintaining a database of how Fortune 500 companies have implemented or altered fiscal policies since passage of the GOP tax cuts at the end of 2017.
"Not only are few big corporations sharing any portion of their tax-cut bounty," the group stated, "but the amounts going to workers pale when compared to how much the companies are getting in tax cuts and to how much they're returning to shareholders through stock buybacks and dividends (where those figures are available).
More than a month after the so-called "GOP Tax Scam" bill was signed into law by Trump, ATF has found, only 46 of the Fortune 500--just 9 percent overall--have announced any plans to share their tax-cut wealth with workers. In addition, looking at both Fortune 100 and Fortune 500 companies, the ATF analysis found:
Among Fortune 100 corporations:
- Only 18 (18%) of them appear on the ATR list for having given some benefit to employees due to their tax cuts.
- Only 13 (13%) of them are on the list for one-time bonuses and just 6 (6%) are on the list for wage increases.
- Nine (9%) are on the list for other types of benefits being provided to employees.
Among Fortune 500 corporations:
- Only 46 (9%) of them appear on the ATR list for having given some benefit to employees, customers, or charitable organizations due to their tax cuts.
- Only 29 (5.8%) of them are on the ATR list for one-time bonuses and just 17 (3.4%) are on the list for wage increases.
- 26 (5.2%) are on the ATR list for other types of benefits being provided to employees or for charitable contributions or consumer benefits, such as lower electricity rates.
"The idea that tax cuts for corporations and millionaires will trickle down to workers has been debunked over and over," said ATF executive director Frank Clemente. "Even many CEOs have acknowledged that the benefits will flow to shareholders, not to employees. Corporations should be honest with the public about where their fat tax cuts are going instead of doing Donald Trump's dirty work with marketing spin."
Read ATF's full analysis here.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Less than ten percent of the nation's wealthiest and most-profitable companies have shared any of the financial benefits they received from a massive corporate tax cut provided by President Donald Trump and Republicans, a new analysis released Tuesday shows.
"Not only are few big corporations sharing any portion of their tax-cut bounty, but the amounts going to workers pale when compared to how much the companies are getting in tax cuts and to how much they're returning to shareholders through stock buybacks and dividends." --Americans for Tax FairnessAccording to Americans for Tax Fairness, a coalition of organizations which advocates for progressive tax reform, the numbers in their new analysis reveal that the GOP public relations campaign touting the idea that corporations would be sharing "a big slice of their huge Trump tax cuts with their workers through bonuses and wage hikes is mostly hype."
The ATF analysis, in fact, draws from financial data and public statements compiled by a similarly named (though ideologically opposite) group, the Americans for Tax Reform. The right-leaning ATR has been maintaining a database of how Fortune 500 companies have implemented or altered fiscal policies since passage of the GOP tax cuts at the end of 2017.
"Not only are few big corporations sharing any portion of their tax-cut bounty," the group stated, "but the amounts going to workers pale when compared to how much the companies are getting in tax cuts and to how much they're returning to shareholders through stock buybacks and dividends (where those figures are available).
More than a month after the so-called "GOP Tax Scam" bill was signed into law by Trump, ATF has found, only 46 of the Fortune 500--just 9 percent overall--have announced any plans to share their tax-cut wealth with workers. In addition, looking at both Fortune 100 and Fortune 500 companies, the ATF analysis found:
Among Fortune 100 corporations:
- Only 18 (18%) of them appear on the ATR list for having given some benefit to employees due to their tax cuts.
- Only 13 (13%) of them are on the list for one-time bonuses and just 6 (6%) are on the list for wage increases.
- Nine (9%) are on the list for other types of benefits being provided to employees.
Among Fortune 500 corporations:
- Only 46 (9%) of them appear on the ATR list for having given some benefit to employees, customers, or charitable organizations due to their tax cuts.
- Only 29 (5.8%) of them are on the ATR list for one-time bonuses and just 17 (3.4%) are on the list for wage increases.
- 26 (5.2%) are on the ATR list for other types of benefits being provided to employees or for charitable contributions or consumer benefits, such as lower electricity rates.
"The idea that tax cuts for corporations and millionaires will trickle down to workers has been debunked over and over," said ATF executive director Frank Clemente. "Even many CEOs have acknowledged that the benefits will flow to shareholders, not to employees. Corporations should be honest with the public about where their fat tax cuts are going instead of doing Donald Trump's dirty work with marketing spin."
Read ATF's full analysis here.
Less than ten percent of the nation's wealthiest and most-profitable companies have shared any of the financial benefits they received from a massive corporate tax cut provided by President Donald Trump and Republicans, a new analysis released Tuesday shows.
"Not only are few big corporations sharing any portion of their tax-cut bounty, but the amounts going to workers pale when compared to how much the companies are getting in tax cuts and to how much they're returning to shareholders through stock buybacks and dividends." --Americans for Tax FairnessAccording to Americans for Tax Fairness, a coalition of organizations which advocates for progressive tax reform, the numbers in their new analysis reveal that the GOP public relations campaign touting the idea that corporations would be sharing "a big slice of their huge Trump tax cuts with their workers through bonuses and wage hikes is mostly hype."
The ATF analysis, in fact, draws from financial data and public statements compiled by a similarly named (though ideologically opposite) group, the Americans for Tax Reform. The right-leaning ATR has been maintaining a database of how Fortune 500 companies have implemented or altered fiscal policies since passage of the GOP tax cuts at the end of 2017.
"Not only are few big corporations sharing any portion of their tax-cut bounty," the group stated, "but the amounts going to workers pale when compared to how much the companies are getting in tax cuts and to how much they're returning to shareholders through stock buybacks and dividends (where those figures are available).
More than a month after the so-called "GOP Tax Scam" bill was signed into law by Trump, ATF has found, only 46 of the Fortune 500--just 9 percent overall--have announced any plans to share their tax-cut wealth with workers. In addition, looking at both Fortune 100 and Fortune 500 companies, the ATF analysis found:
Among Fortune 100 corporations:
- Only 18 (18%) of them appear on the ATR list for having given some benefit to employees due to their tax cuts.
- Only 13 (13%) of them are on the list for one-time bonuses and just 6 (6%) are on the list for wage increases.
- Nine (9%) are on the list for other types of benefits being provided to employees.
Among Fortune 500 corporations:
- Only 46 (9%) of them appear on the ATR list for having given some benefit to employees, customers, or charitable organizations due to their tax cuts.
- Only 29 (5.8%) of them are on the ATR list for one-time bonuses and just 17 (3.4%) are on the list for wage increases.
- 26 (5.2%) are on the ATR list for other types of benefits being provided to employees or for charitable contributions or consumer benefits, such as lower electricity rates.
"The idea that tax cuts for corporations and millionaires will trickle down to workers has been debunked over and over," said ATF executive director Frank Clemente. "Even many CEOs have acknowledged that the benefits will flow to shareholders, not to employees. Corporations should be honest with the public about where their fat tax cuts are going instead of doing Donald Trump's dirty work with marketing spin."
Read ATF's full analysis here.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.
To inform. To inspire. To ignite change for the common good.
News & Opinion
Trending
Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit
Privacy Policy