Speaker of the House Paul Ryan (R-Wis.) and House Ways and Means Committee Chairman Kevin Brady (R-Texas) celebrate with fellow House Republicans following the passage of the Tax Cuts and Jobs Act in the Rayburn Room at the U.S. Capitol November 16, 2017 in Washington, D.C. (Photo: Chip Somodevilla/Getty Images)
As Tax Scam Turns One, Critics Say Law Is 'One of the Biggest Transfers of Wealth to Richest 1% in US History'
"A year later, we can safely say that Republicans' tax overhaul was a huge payoff to donors, and a scam for average Americans."
Massive corporations are "flush with leftover cash" and Wall Street banks are raking in enormous profits. CEOs and the wealthiest Americans are getting even richer. Average workers are seeing crumbs.
That is the state of the American economy on the one-year anniversary of the passage of the GOP's $1.5 trillion dollar tax scam, which Americans for Tax Fairness said on Tuesday will go down as "one of the biggest transfers of wealth to the richest one percent in U.S. history."
"The wealthiest Americans are richer now than they have ever been and are hoarding trillions of dollars."
--Patriotic Millionaires
Contrary to President Donald Trump's soaring promises and outgoing House Speaker Paul Ryan's (R-Wis.) characterization of the tax law as a tremendous victory for ordinary Americans in his newly released "docu-series," tax policy experts and progressives argued on the tax law's first birthday that the plan has done virtually nothing for the working class, while making the wealthiest Americans and largest corporations tremendously richer.
"Trump promised his tax cut would give families a $4,000 pay raise. This has not been the case, to put it lightly," Patriotic Millionaires declared in a blog post on Wednesday. "This isn't to say that last year's tax cuts have had zero effect. After all, the wealthiest Americans are richer now than they have ever been and are hoarding trillions of dollars."
"The rich are winning," Bloomberg added in its rundown of the tax law's impact during its first full year in effect.
As if to celebrate the anniversary of the tax plan's passage, massive corporations further rewarded wealthy shareholders this week by rolling out billions more in stock buybacks, bringing the total sum of buybacks this year over $1 trillion "for the first time ever."
"That's money that could have been invested in these companies' workers," Sen. Sherrod Brown (D-Ohio) wrote of the record-shattering buybacks. "Instead, it went to those at the top."
According to the Economic Policy Institute (EPI), as the richest Americans have seen their fortunes grow exponentially thanks to the tax law, worker bonuses have risen just $0.02 in the year since the plan passed Congress last December.
Highlighting EPI's research, Sen. Bernie Sanders (I-Vt) wrote on Twitter, "Trump promised that his tax giveaway to the wealthy would put an extra $4,000 into the pockets of middle-class families. He lied."
"Our job: Repeal Trump's tax breaks for the wealthy and rebuild the disappearing middle class," Sanders added.
Patriotic Millionaires agreed with Sanders, arguing that "there's only one way to right this wrong, and that's by repealing the Tax Cuts and Jobs Act and making our tax code fairer for those who work."
"A year later, we can safely say that Republicans' tax overhaul was a huge payoff to donors, and a scam for average Americans," the group concluded. "The economy is not better off because of it, and neither are millions of poor and middle-class families who desperately needed real, comprehensive tax relief."
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This country and this world are at a monumental crossroads. In a few short weeks, US voters will 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. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
Massive corporations are "flush with leftover cash" and Wall Street banks are raking in enormous profits. CEOs and the wealthiest Americans are getting even richer. Average workers are seeing crumbs.
That is the state of the American economy on the one-year anniversary of the passage of the GOP's $1.5 trillion dollar tax scam, which Americans for Tax Fairness said on Tuesday will go down as "one of the biggest transfers of wealth to the richest one percent in U.S. history."
"The wealthiest Americans are richer now than they have ever been and are hoarding trillions of dollars."
--Patriotic Millionaires
Contrary to President Donald Trump's soaring promises and outgoing House Speaker Paul Ryan's (R-Wis.) characterization of the tax law as a tremendous victory for ordinary Americans in his newly released "docu-series," tax policy experts and progressives argued on the tax law's first birthday that the plan has done virtually nothing for the working class, while making the wealthiest Americans and largest corporations tremendously richer.
"Trump promised his tax cut would give families a $4,000 pay raise. This has not been the case, to put it lightly," Patriotic Millionaires declared in a blog post on Wednesday. "This isn't to say that last year's tax cuts have had zero effect. After all, the wealthiest Americans are richer now than they have ever been and are hoarding trillions of dollars."
"The rich are winning," Bloomberg added in its rundown of the tax law's impact during its first full year in effect.
As if to celebrate the anniversary of the tax plan's passage, massive corporations further rewarded wealthy shareholders this week by rolling out billions more in stock buybacks, bringing the total sum of buybacks this year over $1 trillion "for the first time ever."
"That's money that could have been invested in these companies' workers," Sen. Sherrod Brown (D-Ohio) wrote of the record-shattering buybacks. "Instead, it went to those at the top."
According to the Economic Policy Institute (EPI), as the richest Americans have seen their fortunes grow exponentially thanks to the tax law, worker bonuses have risen just $0.02 in the year since the plan passed Congress last December.
Highlighting EPI's research, Sen. Bernie Sanders (I-Vt) wrote on Twitter, "Trump promised that his tax giveaway to the wealthy would put an extra $4,000 into the pockets of middle-class families. He lied."
"Our job: Repeal Trump's tax breaks for the wealthy and rebuild the disappearing middle class," Sanders added.
Patriotic Millionaires agreed with Sanders, arguing that "there's only one way to right this wrong, and that's by repealing the Tax Cuts and Jobs Act and making our tax code fairer for those who work."
"A year later, we can safely say that Republicans' tax overhaul was a huge payoff to donors, and a scam for average Americans," the group concluded. "The economy is not better off because of it, and neither are millions of poor and middle-class families who desperately needed real, comprehensive tax relief."
Massive corporations are "flush with leftover cash" and Wall Street banks are raking in enormous profits. CEOs and the wealthiest Americans are getting even richer. Average workers are seeing crumbs.
That is the state of the American economy on the one-year anniversary of the passage of the GOP's $1.5 trillion dollar tax scam, which Americans for Tax Fairness said on Tuesday will go down as "one of the biggest transfers of wealth to the richest one percent in U.S. history."
"The wealthiest Americans are richer now than they have ever been and are hoarding trillions of dollars."
--Patriotic Millionaires
Contrary to President Donald Trump's soaring promises and outgoing House Speaker Paul Ryan's (R-Wis.) characterization of the tax law as a tremendous victory for ordinary Americans in his newly released "docu-series," tax policy experts and progressives argued on the tax law's first birthday that the plan has done virtually nothing for the working class, while making the wealthiest Americans and largest corporations tremendously richer.
"Trump promised his tax cut would give families a $4,000 pay raise. This has not been the case, to put it lightly," Patriotic Millionaires declared in a blog post on Wednesday. "This isn't to say that last year's tax cuts have had zero effect. After all, the wealthiest Americans are richer now than they have ever been and are hoarding trillions of dollars."
"The rich are winning," Bloomberg added in its rundown of the tax law's impact during its first full year in effect.
As if to celebrate the anniversary of the tax plan's passage, massive corporations further rewarded wealthy shareholders this week by rolling out billions more in stock buybacks, bringing the total sum of buybacks this year over $1 trillion "for the first time ever."
"That's money that could have been invested in these companies' workers," Sen. Sherrod Brown (D-Ohio) wrote of the record-shattering buybacks. "Instead, it went to those at the top."
According to the Economic Policy Institute (EPI), as the richest Americans have seen their fortunes grow exponentially thanks to the tax law, worker bonuses have risen just $0.02 in the year since the plan passed Congress last December.
Highlighting EPI's research, Sen. Bernie Sanders (I-Vt) wrote on Twitter, "Trump promised that his tax giveaway to the wealthy would put an extra $4,000 into the pockets of middle-class families. He lied."
"Our job: Repeal Trump's tax breaks for the wealthy and rebuild the disappearing middle class," Sanders added.
Patriotic Millionaires agreed with Sanders, arguing that "there's only one way to right this wrong, and that's by repealing the Tax Cuts and Jobs Act and making our tax code fairer for those who work."
"A year later, we can safely say that Republicans' tax overhaul was a huge payoff to donors, and a scam for average Americans," the group concluded. "The economy is not better off because of it, and neither are millions of poor and middle-class families who desperately needed real, comprehensive tax relief."