Reprinted with permission from Shareblue.
Contrary to boasts from Trump that the GOP tax scam would be “rocket fuel” for the economy, a survey published earlier this week shows the bill didn’t spur more hiring or more investment from businesses.
The GOP tax bill “appeared to have no major impact on businesses’ capital investment or hiring plans,” reports Reuters. The reporting is based on a National Association of Business Economics’ (NABE) survey showing the overwhelming majority of businesses (84 percent) made no changes to their capital investment or hiring plans after the tax scam became law.
The survey adds to a long list of evidence showing Trump and the Republicans added trillions to the deficit while workers got basically nothing.
So instead of “rocket fuel,” the tax scam turned out to be a giant dud. While the economy has continued to add jobs, it has done so at a slower rate than the end of President Obama’s second term. That’s a far cry from the investment and job growth the White House promised when shilling for the tax scam.
Meanwhile, wealthy corporations have raked in massive profits from the bill, which slashed their tax rates. Wall Street banks saw record profits, while corporations gorged on stock buyback schemes meant to enrich investors and corporate shareholders.
As the richest 1 percent of Americans saw more than 80 percent of the benefits from the scam, middle-class families were left out in the cold. Wages were mostly stagnant, and Republicans embarrassingly bragged about a secretary receiving an extra $1.50 per week.
“The GOP’s tax law gave corporations license to put profits over people — and they have stopped at nothing to make more money at the expense of working families,” Ryan Thomas, Tax March spokesperson, told Shareblue Media in response to the survey.
While corporate America is enjoying handouts from the Republican Congress, the cost to America is in the trillions. The nonpartisan Congressional Budget Office predicts the tax scam will add nearly $2 trillion to the deficit over the next 10 years. As he adds more and more to the debt, Trump is reportedly unconcerned, saying others will clean up the mess he is creating.
A GOP-controlled Congress rammed through a partisan, deficit-busting tax law that has completely failed to deliver on the promises Republicans made. The latest business survey just shows once again how the public got scammed.
Published with permission of The American Independent.