Republican boasts about their new law have belly flopped, nonpartisan researchers conclude.
The sweeping tax law Republicans enacted in late 2017 is definitely not paying for itself and has not significantly boosted the economy or increased wages, the non-partisan Congressional Research Service said in a report.
Shortly after President Donald Trump signed into law the Tax Cuts and Jobs Act ― which reduced corporate taxes by 40% to a 21% rate from a 35% rate ― dozens of U.S. companies announced they would give their workers bonuses. Republicans hailed those announcements as proof that workers would benefit from their giant corporate tax cut.
Meanwhile, companies announced more than $1 trillion worth of stock buybacks, which inflate the value of shares by reducing their supply. Most stock is owned by the richest 10% of Americans, including corporate executives themselves whose pay is tied to stock performance. “On the whole, the growth effects tend to show a relatively small first-year effect on the economy,” the report said.
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