A new study shows the Corporate Oligarchs are hoarding the money they made by investing in Republicans to get their big fat permanent tax cuts. Americans for Tax Fairness analyzed company communications and data to show what we already knew, the GOP claims were lies. Most companies aren’t using their tax windfall to do anything for their workers. The few companies actually offering anything at all are just tiny crumbs. I’m super surprised, because, like, trickle down just needs to be tried again and again and again, and um… eventually it’ll work.
The Fortune 500 make up 2/3 of the United States economy and are the very worst of the Oligarchy bunch. 87% haven’t announced any bonuses or raises at all, and that includes ExxonMobil, UnitedHealth Group, General Motors, Ford, Amazon, General Electric, Walgreens, Chevron, Boeing, Microsoft, Citigroup, IBM, Target, Aetna and UPS. Frank Clemente, executive director of Americans for Tax Fairness which crunched the numbers said:
“President Trump and Republicans gave huge tax cuts to big drug companies, big oil and other corporations, but corporations are giving back little—if anything—to working families…433 corporations out of the Fortune 500 have announced no plans to share their tax cuts with employees.”
Despite Paul Ryan bragging on Twitter that a $1.50 a week raise was something for Americans to be thankful for, the GOP tax plan isn’t actually helping average Americans as promised. Only 4.3% of workers will be getting a one time bonus. You know, those bonuses that the Republicans were excitedly promoting all over the news to distract from the trillions in deficit the new tax policy creates. That's just 6.3 million workers out of 147.6 million total getting one of those bonuses. Just 385 businesses out of 26 million offering those measly one time bonuses. These businesses are spending 39 times more money on stock buybacks than on raises and bonuses combined. 39 Times more. Thirty nine. Stock buybacks which mostly benefit the wealthy.
Cue up my giant surprised face. Trickle down failed Reagan in the eighties, even David Stockman, Reagan’s budget director has admitted they failed. Trickle down has also failed Kansas now with that state’s GOP scrambling to call up Jesus and fetus power to distract the plebs from their big screw up.
Stop. Just stop.
Written by Being Liberal contributor: Sarah Ficca