Once again, President Trump touted the supposed benefits of the new tax law at an April 12 ceremony in the Rose Garden. “Our massive tax cuts are growing paychecks all over our country [and] creating jobs and expanding the American dream just like we said would happen,” he said, in a surprisingly disciplined statement.
This declaration — a popular one among the right wing — is patently false, as a recently launched “Trump Tax Cut Truths” website from the Americans for Tax Fairness (ATF) shows.
ATF analysts compiled data on the 1,000 largest U.S. firms, as well as smaller companies that have announced bonuses or wage hikes. What they found is that only 4 percent of American workers are receiving a bonus or raise in the wake of this tax bill. The annual tax cuts these corporations are estimated to enjoy amount to nearly $61 billion — nine times more than the total bonuses and wage increases they’ve given their workers.
The firms that have neglected to give out any benefits to their workers, what ATF calls the “Corporate Cheapskates,” include some of the country’s largest, such as Amazon, Google parent company Alphabet, and Berkshire Hathaway. Within the top 500 U.S. corporations, just 65 have announced wage hikes or bonuses. This means the overwhelming majority of companies, big and small, did nothing to help workers out after the passage of this bill that is, according to the President, “growing paychecks all over the country.”