The sweeping tax law Republicans enacted in late 2017 is definitely not paying for itself and has not significantly boosted the economy or increased wages, the non-partisan Congressional Research Service said in a report.
Shortly after President Donald Trump signed into law the Tax Cuts and Jobs Act ― which reduced corporate taxes by 40% to a 21% rate from a 35% rate ― dozens of U.S. companies announced they would give their workers bonuses. Republicans hailed those announcements as proof that workers would benefit from their giant corporate tax cut.
Meanwhile, companies announced more than $1 trillion worth of stock buybacks, which inflate the value of shares by reducing their supply. Most stock is owned by the richest 10% of Americans, including corporate executives themselves whose pay is tied to stock performance. “On the whole, the growth effects tend to show a relatively small first-year effect on the economy,” the report said.
YahooNews is 💩
$2400 TAX CUT FOR EACH WORKING FAMILY...FOR THE NEXT 7 YEARS TOO....BEST PRESIDENT FOR THE WORKING MAN/FAMILY..
Are you really sure?
Are you sure?
And yet they conomy is doing so well. What do we attribute that to Obama?
Uhm...duh...CitizensUnited and 1% get all the wealth
60 companies paid zero taxes in 2018 whereas in 2017 that number was 30 so at least the wealthy and corporations are riding for free.
Sad how shamelessly the media carry the water for Democrats.
Low wage workers are seeing the biggest wage increases out of everyone. Wages are up at their highest points since Bush. GDP is at 3% after Obama said that was impossible. Minority unemployment is at all time lows. Low and middle class taxes were cut. Stop with the lies.
Trump’s tax plan benefits his family and his elitist friends.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNN - 🏆 4. / 95 Read more »
Source: politico - 🏆 381. / 59 Read more »