Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

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."

Julia Conley

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."


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

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.

State AGs Allege Google Deceived Users to Profit From Location Data

"Google has a powerful financial incentive to obscure the details of its location data collection practices and to make it difficult for consumers to opt out of being tracked," said one AG.

Kenny Stancil ·


WHO Chief: 'Dangerous' to Assume Omicron Is Last Variant

"On the contrary, globally the conditions are ideal for more variants to emerge," said Dr. Tedros Adhanom Ghebreyesus.

Jake Johnson ·


British Court Rules Assange Can Appeal US Extradition

"As long as this case isn't dropped, as long as Julian isn't freed, Julian continues to suffer," said Stella Moris, Assange's fiancée.

Jake Johnson ·


Biden Considering Deploying Thousands of Troops to Eastern Europe

Anti-war commentators warned of an "exceedingly dangerous quagmire" in Ukraine if the U.S. ramps up its military presence in the region.

Jake Johnson ·


Leaked Report Suggests Impunity for IDF Troops in Deadly Stop of Palestinian-American Elder

"This is a policy: Israel does not prosecute those responsible for harming Palestinians, thus making their lives miserable," said the Israeli human rights group B'Tselem.

Brett Wilkins ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo