“The recent tax overhaul has further pumped up corporate earnings. Promises that lower tax bills for businesses would translate into higher wages have yet to materialize. Higher gas and medical care costs have eaten away at whatever gains most workers have made.”
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“The San Francisco Fed said that recent research suggests the tax cuts could boost the economy very little — or perhaps not at all. A safer bet is that the explosion of buybacks will help enrich corporate executives, whose compensation is often linked to their share price. Last month, an SEC official detailed a disturbing trend: In the days after companies announce buybacks, execs quietly cash out their own shares. Daily stock sales spiked from an average of $100,000 to more than $500,000 per executive, according to SEC Commissioner Robert Jackson Jr.”
“In the first six months after the Trump tax cuts were passed, corporate investment in equipment declined, America’s projected long-term deficit swelled by nearly $2 trillion, and wages for the vast majority of American workers fell on an inflation-adjusted basis.”
“Donald Trump has done nothing to hold Pfizer accountable for their price gouging. In fact, he gave them nearly $11 billion in new tax breaks earlier this year. As prices continue to skyrocket, it’s clear that Trump’s belief that drug companies would use their tax savings to lower costs was either misguided or, more likely, a lie used to push his tax plan through Congress.”
“House Oversight and Government Reform Committee ranking member Elijah Cummings (D-Md.) on Thursday released a report that argues that the GOP tax law hurts homeowners while benefiting real estate developers.”