DPCC Report: Two-Year Anniversary of the Republican Tax Betrayal
WASHINGTON, D.C. – U.S. Senator Debbie Stabenow (D-MI), Chair of the Democratic Policy and Communications Committee, today released a report on the broken promises Republicans made to middle-class Americans and the truth about the GOP tax bill.
Two years ago this month, President Trump signed the Republican tax law that delivered tax giveaways to the big drug companies, the wealthy, and other special interests. The report highlights that businesses used their tax giveaways to reward CEOs and wealthy shareholders instead of investing in workers and creating jobs.
“Instead of investing in jobs and middle-class families, Republicans passed a tax law that prioritizes the wealthy and big drug companies. In Michigan, we call that a betrayal,” said Senator Stabenow. “Since the Republican tax giveaway was signed into law, we have seen bonuses for working people decline by 22 percent and the wealthiest 1 percent of taxpayers have been given a windfall.”
“Democrats have always seen the Trump-Republican tax scam for what it is—a massive giveaway to the very rich and very powerful, and a complete and total betrayal of the middle class. In the two years since Republicans forced this disastrous bill into law, middle-class wages have not kept up with the costs of living, while the ultra-rich get richer and multinational corporations use the windfall to buy back stock and reward their shareholders instead of investing in their workers. President Trump and Republicans promised a ‘middle class miracle,’ but what they really delivered is a big win for billionaire businesses and those at the top,” said Leader Schumer.
The report highlights four broken promises made to middle-class families:
PROMISE: “[The Republican tax law] is going to be one of the great Christmas gifts to middle-income people.” President Trump, 12/16/17
FACT: Instead, the wealthiest 1% of taxpayers received an average tax cut 64 times the size of the one given to the middle class.
PROMISE: “Under our plan, middle-class families will not only see their tax bill go down; they will see their incomes go up by an average of around $4,000.” President Trump, 11/27/2017
FACT: In the first year of the Republican tax betrayal, median family income increased by just $514 (0.8%) and worker bonuses have declined by 22% since the law passed.
PROMISE: “[Businesses] have made tremendous contributions to employees and tremendous contributions to spending money on this country because of the tax bill.” President Trump, 12/22/2017
FACT: Instead of investing in workers and creating jobs, businesses used their tax windfall to reward CEOs and wealthy shareholders with more than $1.1 trillion in buybacks in 2018.
PROMISE: “We have $21 trillion in debt. When [the Republican tax law] really kicks in, we’ll start paying off that debt like water.” President Trump, 7/26/2018
FACT: The federal budget deficit rose by $319 billion since the passage of the Republican tax law.
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