Tax Scam: No Impact on Business Spending
Congressional Republicans promised a huge boost in job growth and business spending as a result of the corporate tax cuts he and Congressional Republicans introduced and passed last January. By now, we had expected to see some of the promised benefits of the tax cut taking shape, like job creation, higher wages, and expanded investment in businesses.
But one year after the passage of these tax cuts, more evidence appears every day contradicting these claims.
A new poll by The National Association of Business Economics found that 84 percent of companies surveyed had not changed investment or hiring plans for 2019 following the tax cut — a sharp contrast to the GOP promise that companies would use tax savings to create jobs.
These findings come just one month after 2018 closed out as a record-setting year for corporate stock buybacks, and other studies have found that most of the financial benefits in the first year of this bill have gone to top earners in the United States, including CEOs, company executives, and shareholders.
To read more about how the consequences of last year’s corporate tax cuts, click here.