The Trump administration touted its bullshit tax plan as a win for the little guy with the idea being this: by giving big businesses massive tax breaks, they’d have more money, and with more money, they’d do the right thing and take care of their workers.
It was all garbage-talk from the beginning, but Trump wanted to take care of the 1 percent, who are basically Trump’s line brothers, so that’s the statement they ran with.
Well, after a six-month investigation by the Center for Public Integrity, a not-for-profit news agency based in Washington, D.C., the results are in and the 2017 Tax and Jobs Act—the Trump administration’s one major piece of enacted legislation—is a total failure for the little guy.
The news organization conducted interviews with three dozen key players and independent tax experts, and analyzed hundreds of government documents and found that the president’s tax plan, which he claimed would boost the economy and bring higher pay, didn’t do shit.
The $150 billion the tax cut provided corporations didn’t help increase workers wages; in fact, the bulk went to shareholder dividend and stock buy backs, “both of which line the pockets of the 10 percent of Americans who own 84 percent of the stocks,” The Guardian notes.
From The Guardian:
Just 6% of the tax savings was spent on workers, according to Just Capital, a not-for-profit that tracks the Russell 1000 index.
In the first three months after the bill passed, the average weekly paycheck rose by $6.21. That would be $233 a year.
One retirement expert, J Mark Iwry, said more of the cut should be reaching workers: “It would seem appropriate for employers to share their tax savings with their workers – for example, through new employer 401k plan contributions or wage increases.”
Well, surprise, surprise; it turns out that greedy corporations didn’t want to share the wealth they received from the evil head of Evil Corp., and the president continues to line the pockets of the wealthy while the rest of us are looking at owing the IRS, but keep telling me about how Trump needs to be given a fair shot, Shaquille Rashaun O’Neal and the 53 percent of white women who voted against their self-interests to elect this fraud.