Where Are the $4,000 Raises Republicans Promised?
However, four months since the passage of Republicans' tax bill, the biggest windfalls have gone to Wall Street, pharmaceutical companies and big corporations, not hard-working Americans across the country.
Don't take it from us. Even billionaire entrepreneur Nick Hanauer admits these promised ‘raises' for workers are nothing but a GOP trickle-down fantasy:
So now that rich people like me have gotten our billions of dollars in tax cuts, you might be wondering where your $4,000 raise is.
Spoiler alert: You're not getting one.
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So that $4,000 raise Republicans talked about to sell their tax cuts? It was just a trickle-down lie. For decades, trickle-downers have relentlessly promised that if the government cut taxes on corporations and rich people like me, our windfall profits would eventually trickle down to everyday Americans in the form of higher incomes and more jobs. "A rising tide lifts all boats," they tell you. But the truth is, these trickle-down policies do nothing but make the rich richer.
Unions representing at least six million workers in the U.S. are now calling on companies to reveal the truth on how they are spending their massive giveaways from the GOP tax scam.
Washington Post: The tax cuts were supposed to help workers. Unions say they're not.
"Working Americans are not the ones getting the raise from President Trump and Republican leaders' tax cut," SEIU International president Mary Kay Henry said in a statement. "Corporations are."
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The most concrete result of the tax cuts … has been an increase in the amount companies spend in buying back their stocks.
USA TODAY: Unions to companies: Show me the money from the tax cut
Big unions are challenging American companies to show them the tax-cut money.
Before the sweeping tax cuts were passed late last year, major U.S. corporations joined President Trump and Republicans in Congress in vowing the reform would grow the economy, create jobs and raise wages.
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Unions including the Communications Workers of America, Service Employees International Union, the Teamsters and the American Federation of Teachers are asking companies such as AT&T and American Airlines to reveal how much the tax overhaul will fatten their profits and what they plan to do with the windfall.
Instead of using the money big corporations reaped from the tax scam to create jobs and raise wages, they are turning around and enriching themselves and their investors by buying back their own shares.
Newsweek: Trump's Tax Cuts Didn't Benefit U.S. Workers, Made Rich Companies Richer, Analysis Finds
Trump and Republican leadership have long touted their tax cuts as a massive boon to America's working class, if not through direct tax reductions or refunds, then through the trickle-down effect of bonuses and wage increases from their employers who receive massive corporate cuts.
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But a new analysis of all Fortune 500 companies found only 4.3 percent of workers will receive a one-time bonuses or wage increase tied to the business tax cuts, while businesses received nine times more in cuts than what they passed on to their workers, according to Americans for Tax Fairness, a political advocacy group devoted to tax reform. The analysis also found that companies spent 37 times as much on stock buybacks than they did on bonuses and increased wages for workers.
True to form, Republicans delivered large corporations and their wealthy donors a massive tax break on the backs of hard-working American families.
Democrats continue the fight for real, bipartisan tax reform that creates jobs, reduces the deficit and puts the middle class first with A Better Deal: Better Jobs, Better Wages, Better Future.