Trump’s Tax Cuts and Jobs Act of 2017 Has So Far Been a Trickle-Down Failure

in trickledown •  5 months ago

Now that corporations are being taxed far less as a result of POTUS Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Marxist economist Dr. Richard Wolff reported in February, “The Bloomberg financial news service, which is certainly on the side of corporations and the rich, did some research and reported on it. It went to talk with a human relations firm… [Willis Towers Watson], and they did a survey. They asked 333 employers, who… in each case were exmployers of a thousand workers or more, what they planned to do with the tax cut revenues newly available to them after the Republicans and Trump cut the taxes. Here were the results: 4 percent of the firms said they had already done an increase in either the wages or the bonuses. 3 percent said they planned to do it next year… But let’s give them the benefit of the doubt. 13 percent… said they were considering doing it. The other 80 percent of the firms interviewed said they neither did nor planned any wage increases for their workers ever… Let me read to you the Bloomberg… article’s conclusion about the impact of the tax cut on wages… ‘At this rate, it’s too early to tell what the trickle-down impact of the bill will be, if any. The bonus and wage increases provided to employees have, so far, been a fraction of the savings companies are seeing from the tax bill. It will take years to determine the full impacts of the bill, economists say’” [1][2].




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