GOP in Hot Seat on Tax Day 2018
The only ones who are ‘thrilled' are corporations and the wealthiest few.
After passing a tax scam that hands the majority of its tax breaks to Corporate America and the top one percent – not American workers – the GOP is scrambling to save their failing tax messaging and deflated promises.
Bloomberg: Republicans Struggle to Make Tax Cuts a Winning Election Issue
Moments after the Republican tax overhaul passed in the Senate in mid-December, Majority Leader Mitch McConnell said that if he and his party members couldn't sell the cuts to the American people, they should find "another line of work."
Four months later, some GOP lawmakers who hoped the law would save them from defeat may have to start dusting off their resumes … Some recent polls show that the majority of Americans still don't support the tax law.
The Hill: GOP donor says he's using tax cut money to fight Trump admin policies, elect Dems
A billionaire hedge fund manager and former major GOP donor is tearing into Republicans, saying he is planning to use money from the GOP tax cuts to elect Democrats.
"I received a tax cut I neither need nor want," Seth Klarman told The Boston Globe.
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Klarman said Republicans in Congress have failed to hold President Trump accountable. He added that GOP lawmakers have "abandoned their historic beliefs and values."
Instead of focusing on job creation and raising wages as President Trump and Republicans in Congress promised, corporations are using the tax breaks to pad their own pocketbooks with stock buybacks, while more than half of working Americans – 52 percent – say they've seen no change in their withholding taxes.
Washington Post: America's biggest companies are announcing buybacks. But whose cash is it, anyway?
America's 500 biggest public companies in 2018 are expected to distribute up to $600 billion or more through stock buybacks.
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Cisco Systems, PepsiCo, Oracle, Wells Fargo, Amgen, eBay, Mondelez, Lowe's, Visa and Google's parent Alphabet have all announced stock repurchases since December.
… the corporate tax cut signed by President Trump in December is supercharging an already unfair playing field by giving money to companies who then pass it on to shareholders through buybacks (and cash dividends) rather than give it to workers in the form of higher wages or better benefits.
With the tax scam, President Trump and Republicans in Congress are shamelessly trying to make seniors, children and working families pay for the GOP's fiscal recklessness by exploding the deficit by nearly $2 trillion and ransacking Medicare, Medicaid and Social Security.
On Tax Day and every day, Democrats will 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.