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.

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

'Political Malpractice': House Democrats' Bill Wouldn't Add Dental to Medicare Until 2028

"I don't want to see it drawn out to as far as the House has proposed," Sen. Bernie Sanders said during a recent press call.

Jake Johnson ·


'How Many More Deaths Must It Take?' Barbados Leader Rips Rich Nations in Fierce UN Speech

"How many more variants of Covid-19 must arrive, how many more, before a worldwide plan for vaccinations will be implemented?"

Jake Johnson ·


To Avert Debt Ceiling Calamity, Democrats Urged to Finally Kill the Filibuster

"The solution is to blow up the filibuster at least for debt limit votes, just as Mitch blew it up to pack the Supreme Court for his big donors."

Jake Johnson ·


Biden Decries 'Outrageous' Treatment of Haitians at Border—But Keeps Deporting Them

"I'm glad to see President Biden speak out about the mistreatment of Haitian asylum-seekers. But his administration's use of Title 42 to deny them the right to make an asylum claim is a much bigger issue."

Jessica Corbett ·


Global Peace Activists Warn of Dangers of US-Led Anti-China Pacts

"No to military alliances and preparation for catastrophic wars," anti-war campaigners from over a dozen nations write in a letter decrying the new AUKUS agreement. "Yes to peace, disarmament, justice, and the climate."

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