“It’s done nothing to raise wages and flown right into corporate execs’ pockets,” Rep. Bill Pascrell said of the Republican tax law.
Despite lofty promises from President Donald Trump and the Republican Party, the $1.5 trillion in tax cuts that went into effect last year have done little—if anything—to raise workers’ wages, boost economic growth, or spur business investment.
That’s according to a new analysis by the nonpartisan Congressional Research Service (CRS), which appeared to vindicate warnings from progressive critics that the GOP tax cuts were little more than a scam designed to put more money in the pockets of wealthy Americans.
In its 23-page report (pdf), the independent research arm found that while the Republican tax law has not done much for workers or the overall economy, it has sparked a wave of stock buybacks, which primarily benefit rich executives.
View the complete May 29 article by Jake Johnson from Common Dreams on the AlterNet website.