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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GOP Vermont governor to allow abortion rights bill to become lawRepublican Vermont Gov. Phil Scott intends to allow a comprehensive abortion rights bill to become law, as other states led by Republican governors across the nation work to restrict the procedure.
Read more »
Opinion | The Trump coverup no one is talking about: The emperor has no moneyTrump and the GOP put tax cuts above infrastructure and other public problems.
Read more »
House GOP grapples with abortion messaging after Alabama lawRepublicans have gone mostly quiet since Alabama’s governor signed a bill into law that all but bans abortion
Read more »
Amash at town hall: 'My job is to protect the Constitution'GRAND RAPIDS, Mich. (AP) — The only Republican in Congress to accuse President Donald Trump of impeachable conduct faced voters in his Michigan district Tuesday, receiving standing ovations from many who saluted his 'courage' while sparring with some former supporters who faulted him for embracing
Read more »
GOP Congressman Justin Amash gets standing ovation at first public event since calling for Trump's impeachmentRep. Justin Amash (R-Mich.) on Tuesday called House Minority Leader Kevin McCarthy a 'so-called leader' and accused him of not having read special counsel Robert Mueller's report.
Read more »
Another Republican blocked billions in disaster aid in what a top Democrat described as a 'tantrum'GOP Congressman Thomas Massie says he objected in order to 'stop legislative malpractice.'
Read more »
GOP congressman slams Attorney General Barr for misleading Congress and the public to support Trump“Attorney General Barr has deliberately misrepresented key aspects of Mueller’s report and decisions in the investigation, which has helped further the president’s false narrative,” Representative Justin Amash wrote on Twitter.
Read more »
GOP Sen. John Kennedy Urges Robert Mueller To Testify Publicly'The American public has a right to hear directly from him,' the Louisiana senator said in a statement.
Read more »
2020 Democrats face 2012 GOP challengesBeyond the simple position of the frontrunners, there is the larger environment around the Democrats in 2019 and the Republicans in 2011.
Read more »
GOP Lawmaker Knocks Trump For 'Taking A Shot At Biden While Praising A Dictator'Rep. Adam Kinzinger hits Trump for siding with Kim Jong Un in a bizarre weekend tweet.
Read more »
Meghan McCain to Sen. Klobuchar: Leave my father out of itMeghan McCain tells 2020 Democratic candidate Sen. Klobuchar not to invoke her father, the late Sen. McCain, on the campaign trail.
Read more »