CEOs are some of the biggest winners from the Trump tax law, not workers. Corporations received massive new tax cuts, which CEOs have used to further enrich themselves. Meanwhile, workers’ wages have not increased and workers are having to shoulder a rising share of the federal tax burden.
CEOs have used the Trump tax law to further enrich themselves with “eye-popping” payouts. Meanwhile, workers aren’t benefiting.
Politico: “‘Eye-popping’ payouts for CEOs follow Trump’s tax cuts”
Politico: “Some of the biggest winners from President Donald Trump’s new tax law are corporate executives who have reaped gains as their companies buy back a record amount of stock, a practice that rewards shareholders by boosting the value of existing shares.”
Workers are shouldering a rising share in federal tax revenue, while corporate tax payments are plunging toward record lows.
Yahoo News: “Workers are shouldering a rising share of federal revenue, while tax payments by businesses are plunging toward record lows. Treasury Department data for the first half of 2018 show individual income tax receipts rose 8.1%, to $915 billion. Corporate income tax receipts fell 32.4%, to $100 billion.”
Workers’ wages have not increased from the Trump tax law.
New York Times: “Their critiques have been fed by government statistics showing that wages for typical American workers have not risen over the past year, after adjusting for inflation, even though Republicans promised the tax cuts would unleash rapid wage growth.”
The Trump tax law has sent the deficit skyrocketing – it’s expected to soar by 21 percent this year alone.
Yahoo News: “The Trump tax cuts are also ballooning Washington’s annual deficits, along with the national debt. The CBO expects the gap between revenue and spending to soar by 21% this year, to $804 billion. The deficit will exceed $1 trillion by 2020 and grow for the foreseeable future.”