November 27, 2018
GM Layoffs Prove Tax Cuts Hurt, Don’t Help, Workers
General Motors’ announcement yesterday that it was idling five North American assembly plants and laying off nearly 15,000 workers proves once again that the only guaranteed winners from corporate tax cuts are corporations and their wealthy shareholders—not local communities and working families. So far this year, the giant automaker reports that it has received a […]
Trump-GOP Tax Cut Law Backfiring in GOP Reelection Bids Democratic challengers are winning newspaper endorsements around the country due in part to their opponents’ support of the Trump-GOP tax cuts that mostly benefit the wealthy and big corporations. Chicago Sun Times: “We have endorsed (Rep. Randy) Hultgren (R-IL) in the past, but we can’t this […]
September 20, 2018
ANALYSIS OF TAX ISSUES IN THE 2018 FEDERAL MIDTERM ELECTIONS
KEY FINDINGS “Republicans lost the messaging battle on the [tax] issue, per a Sept. 2 polling memo prepared for the Republican National Committee. Their poll found that by 61% to 30%, voters said the law benefits “large corporations and rich Americans” over “middle class families.” The memo attributed this to message discipline from the tax […]
On top of Bailouts, Big Banks Rewarded with Huge Tax Windfall America’s big Wall Street banks and financial firms, profiting handsomely from the new Trump-GOP tax law, are using the bulk of their huge tax-cut savings to further enrich their already wealthy shareholders and executives while sharing little or nothing with their rank-and-file workers, according […]
AMERICANS FOR TAX FAIRNESS STATEMENT FOR THE RECORD “Hearing Series on Tax Reform: Growing Our Economy and Creating Jobs” U.S. House Ways and Means Committee Wednesday, May 16, 2018 Submitted by: Frank Clemente, Executive Director May 30, 2018 Dear Members of the Committee: Thank you for the opportunity to submit comments for the record regarding […]
View the Full Report in PDF here. INTRODUCTION & KEY FINDINGS America’s 10 biggest prescription-drug corporations—the Pharma Big 10—are among the biggest winners from the Trump-GOP tax cuts but they are sharing few of the benefits with their employees and are offering no pricing relief to their customers. Instead, they are mostly rewarding their CEOs […]
With Tax Cut, Plane Maker Decided to Buy Back $4B of Stock, Boost Dividend by 20%, but not Give Employees a Pay Hike or Bonuses President Trump will try to rally support for his unpopular corporate tax giveaway at a St. Louis Boeing plant Wednesday, but the company serving as his backdrop has yet to […]
“No Tax Breaks for Outsourcing Act” Would Remedy Trump Failure to Stop Manufacturing from Disappearing Offshore WASHINGTON, D.C. – New legislation introduced today would end tax incentives that encourage multinational corporations to shift jobs and profits offshore that were enacted under the recent tax legislation pushed by President Trump and Republicans in Congress. Sponsored by House Ways and […]
Company to Bring Home $67B in Offshore Profits Under Discounted Rate and Get a $10 Billion Tax Break WASHINGTON, D.C.—Cisco Systems has just announced it will return to the U.S. $67 billion in offshore profits held in cash this quarter and spend much of the money on stock buybacks and increased dividends, and apparently spend […]
President Trump and Congressional Republicans claim their massive tax cuts for the wealthy and corporations will greatly increase economic growth, enough even to cover the plan’s $1.5 trillion cost (though they’ve recently been hedging this last claim). Economic experts from across the ideological spectrum strongly refute these claims, both on general principles and as they […]