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A poll released Monday confirmed that corporations' financial windfall following the passage of the Republican tax plan in 2017 did not lead to corporate investment in jobs and raises. (Photo: @zacjanderson/Twitter)
A Year After 'One of the Greatest Heists in US History,' Survey Confirms Corporate Tax Cuts Didn't Lead to Hiring and Raises for Workers
"The GOP Tax Scam was always about making the wealthy and big corporations richer while leaving millions of working families behind."
Jan 27, 2019
The release of a new survey on Monday confirmed that corporations used the $1.5 trillion giveaway in the Republicans' 2017 tax plan for their shareholders and top executives--not their workers or reinvesting in their businesses.
The National Association of Business Economics' (NABE) quarterly poll found that 84 percent of companies were not ramping up spending in the form of hiring, raises, and other capital investments.
"The corporate tax reform has not caused their firms to change hiring or investment plans," NABE president Kevin Swift said simply of the corporate leaders the group surveyed.
The news came as no surprise to think tanks and advocacy groups like the Institute on Taxation and Economic Policy (ITEP) and Americans for Tax Fairness--with some critics pointing to the survey as the latest evidence that "Trickle-down economics doesn't work!"
Information has trickled in regarding corporations' use of their financial windfall following the passage of the so-called Tax Cuts and Jobs Act, derided by critics as the #GOPTaxScam. The plan permanently slashed corporate taxes from 35 percent to 21 percent, while taxes for lower- and middle-class households are expected to rise in the coming years.
Even before the Republican Party pushed the plan through in December 2017, corporate executives indicated to former White House economic adviser Gary Cohn that they planned to give the extra funds to their shareholders instead of investing in the workforce, and several studies have shown that few workers saw raises and bonuses after the tax plan passed.
On Twitter, one critic wrote that the latest survey confirms that the tax plan, which former House Speaker Paul Ryan and President Donald Trump aggressively sold as one that would offer relief to the middle class, was "one of the greatest heists in American history."
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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. |
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The release of a new survey on Monday confirmed that corporations used the $1.5 trillion giveaway in the Republicans' 2017 tax plan for their shareholders and top executives--not their workers or reinvesting in their businesses.
The National Association of Business Economics' (NABE) quarterly poll found that 84 percent of companies were not ramping up spending in the form of hiring, raises, and other capital investments.
"The corporate tax reform has not caused their firms to change hiring or investment plans," NABE president Kevin Swift said simply of the corporate leaders the group surveyed.
The news came as no surprise to think tanks and advocacy groups like the Institute on Taxation and Economic Policy (ITEP) and Americans for Tax Fairness--with some critics pointing to the survey as the latest evidence that "Trickle-down economics doesn't work!"
Information has trickled in regarding corporations' use of their financial windfall following the passage of the so-called Tax Cuts and Jobs Act, derided by critics as the #GOPTaxScam. The plan permanently slashed corporate taxes from 35 percent to 21 percent, while taxes for lower- and middle-class households are expected to rise in the coming years.
Even before the Republican Party pushed the plan through in December 2017, corporate executives indicated to former White House economic adviser Gary Cohn that they planned to give the extra funds to their shareholders instead of investing in the workforce, and several studies have shown that few workers saw raises and bonuses after the tax plan passed.
On Twitter, one critic wrote that the latest survey confirms that the tax plan, which former House Speaker Paul Ryan and President Donald Trump aggressively sold as one that would offer relief to the middle class, was "one of the greatest heists in American history."
The release of a new survey on Monday confirmed that corporations used the $1.5 trillion giveaway in the Republicans' 2017 tax plan for their shareholders and top executives--not their workers or reinvesting in their businesses.
The National Association of Business Economics' (NABE) quarterly poll found that 84 percent of companies were not ramping up spending in the form of hiring, raises, and other capital investments.
"The corporate tax reform has not caused their firms to change hiring or investment plans," NABE president Kevin Swift said simply of the corporate leaders the group surveyed.
The news came as no surprise to think tanks and advocacy groups like the Institute on Taxation and Economic Policy (ITEP) and Americans for Tax Fairness--with some critics pointing to the survey as the latest evidence that "Trickle-down economics doesn't work!"
Information has trickled in regarding corporations' use of their financial windfall following the passage of the so-called Tax Cuts and Jobs Act, derided by critics as the #GOPTaxScam. The plan permanently slashed corporate taxes from 35 percent to 21 percent, while taxes for lower- and middle-class households are expected to rise in the coming years.
Even before the Republican Party pushed the plan through in December 2017, corporate executives indicated to former White House economic adviser Gary Cohn that they planned to give the extra funds to their shareholders instead of investing in the workforce, and several studies have shown that few workers saw raises and bonuses after the tax plan passed.
On Twitter, one critic wrote that the latest survey confirms that the tax plan, which former House Speaker Paul Ryan and President Donald Trump aggressively sold as one that would offer relief to the middle class, was "one of the greatest heists in American history."
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