Wage growth stagnant, investment down and deficit skyrocketing
Washington, D.C. – Finance Committee Ranking Member Ron Wyden, D-Ore., Senate Democratic Leader Chuck Schumer, D-N.Y., Senate Democratic Policy and Communications Committee Chair Debbie Stabenow, D-Mich., and Senator Bob Casey, D-Penn., today highlighted Republicans’ betrayal of middle-class families ahead of the two-year anniversary of their tax giveaway for the wealthy and corporations.
A Finance Committee report on Republicans’ broken promises is available here.
“Donald Trump and Republicans have kept their promises to their donors and billionaire buddies, while breaking every promise to middle-class families. They promised $4,000 annual wage increases, but wage growth is flat. They promised an investment boom that would increase economic growth, but investment is down. They promised their tax cuts would pay for themselves, but the deficit has skyrocketed and Republicans are calling for middle-class families to foot the bill through Medicare and Social Security cuts,” said Senator Wyden.
“Democrats have always seen the Trump-Republican tax scam for what it is—a massive giveaway to the very rich and very powerful, and a complete and total betrayal of the middle class. In the two years since Republicans forced this disastrous bill into law, middle-class wages have not kept up with the costs of living, while the ultra-rich get richer and multinational corporations use the windfall to buy back stock and reward their shareholders instead of investing in their workers. President Trump and Republicans promised a ‘middle class miracle,’ but what they really delivered is a big win for billionaire businesses and those at the top,” said Leader Schumer.
“Instead of investing in jobs and middle-class families, Republicans passed a tax law that prioritizes the wealthy and big drug companies. In Michigan, we call that a betrayal,” said Senator Stabenow. “Since the Republican tax giveaway was signed into law, we have seen bonuses for working people decline by 22 percent and the wealthiest 1 percent of taxpayers have been given a windfall.”
“The 2017 GOP tax bill is a scheme that sold out working families and seniors in order to help the rich get richer. This law was billed as a ‘middle-class miracle’ and yet it was actually a huge giveaway to the ultra-wealthy and large corporations who used their tax cut to engage in unprecedented corporate stock buybacks,” Senator Casey said. “Instead of delivering for American workers, Trump’s tax bill delivered to outsourcers. Giving a tax cut to companies that build factories overseas. Instead of ‘making outsourcers pay’, President Trump saw to it that they got paid.”
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