Trump Tax Cut Being Exposed As Giveaway To Corporations

(Cartoon image is by Jimmy Margulies at jimmymargulies.com.)

When the Trump/GOP tax cut was being debated in Congress, it was hailed by Trump (and his Republican cohorts) as benefitting mostly the middle class. That is now being exposed for the LIE that it always was.

Trump said corporations (who got the biggest tax cuts of all) would use those cuts to raise wages for workers and create a massive number of new jobs. That is not happening. Job creation is rocking along at the same pace it was before the cuts, and while a few companies gave a one-time bonus to some employees, workers are still struggling to keep up with inflation.

Here's just some of what Derek Thompson said about the effect of the cuts in The Atlantic:

The most basic criticism of the GOP’s tax cut was that the boons for corporations and their shareholders would far outweigh the benefits for ordinary workers. That’s exactly what seems to be happening. Stock buybacks announced between January 1st and February 15th reached historically high levels, totaling about $170 billion in that period. That’s 28 times larger than the total value of end-of-year bonuses that were credited to the corporate tax bill—some of which had been announced months earlier and had nothing to do with the tax cuts. Companies might be advertising new bonuses. But they’re quietly reaping the benefits of higher profits.