Remember when Republicans said their tax law would spark a wave of business investment that would create jobs and raise wages?
President Trump: “TAX CUTS will increase investment in the American economy and in U.S. workers, leading to higher growth, higher wages, and more JOBS!” [Tweet, 12/16/17]
Minority Whip Steve Scalise (R-LA): “By changing the tax code, we actually bring those jobs back to America. You’re going to see tens of thousands of high paying jobs come back to America.” [Remarks, 11/2/17]
Ways & Means Committee Ranking Member Kevin Brady (R-TX): “…With the House-passed Tax Cuts and Jobs Act, I think we’ve delivered a system that will encourage and reward capital investment very well.” [Remarks, 11/28/17]
Treasury Secretary Steve Mnuchin: “[W]e’ll create enormous capital investment and enormous jobs and revenues.” [The Atlantic, 9/27/17]
Well, color us shocked, but a recent survey of corporate economists found the law is enriching CEOs who invested in stock buybacks instead of investing in new equipment, creating jobs or raising wages. Take a look:
President Trump: “TAX CUTS will increase investment in the American economy and in U.S. workers, leading to higher growth, higher wages, and more JOBS!” [Tweet, 12/16/17]
Minority Whip Steve Scalise (R-LA): “By changing the tax code, we actually bring those jobs back to America. You’re going to see tens of thousands of high paying jobs come back to America.” [Remarks, 11/2/17]
Ways & Means Committee Ranking Member Kevin Brady (R-TX): “…With the House-passed Tax Cuts and Jobs Act, I think we’ve delivered a system that will encourage and reward capital investment very well.” [Remarks, 11/28/17]
Treasury Secretary Steve Mnuchin: “[W]e’ll create enormous capital investment and enormous jobs and revenues.” [The Atlantic, 9/27/17]
Well, color us shocked, but a recent survey of corporate economists found the law is enriching CEOs who invested in stock buybacks instead of investing in new equipment, creating jobs or raising wages. Take a look:
“The Trump administration's $1.5 trillion tax cut package appeared to have no major impact on businesses' capital investment or hiring plans, according to a survey released a year after the biggest overhaul of the tax code in more than 30 years.”
“The National Association of Business Economics' quarterly business conditions poll, published on Monday, found …84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous survey published in October.”
"‘A large majority of respondents, 84 percent, indicate that one year after its passage, the corporate tax reform has not caused their firms to change hiring or investment plans,’ said NABE President Kevin Swift.”
“The National Association of Business Economics' quarterly business conditions poll, published on Monday, found …84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous survey published in October.”
"‘A large majority of respondents, 84 percent, indicate that one year after its passage, the corporate tax reform has not caused their firms to change hiring or investment plans,’ said NABE President Kevin Swift.”
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