CEOs Undercut Trump’s Promises on #GOPTaxScam
In their rush to pass the GOP tax scam, President Trump and Republicans in Congress have repeatedly claimed that their disastrous trickle-down economics tax scam will ‘create jobs’ for the middle class and ‘grow the economy.’ But, the truth is that the GOP tax scam will raise taxes on tens of millions of middle class families in order to hand deficit-exploding giveaways to the wealthiest and corporations shipping jobs overseas.
Now, we hear straight from American CEOs that they actually plan to reward themselves and their shareholders under Republicans’ tax scam – instead of hiring more workers or raising pay:
Major companies including Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. say they’ll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump’s promise that his plan will create jobs and boost wages for the middle class.
The president has held fast to his pledge even as top executives’ comments have run counter to it for months. Instead of hiring more workers or raising their pay, many companies say they’ll first increase dividends or buy back their own shares.
In fact, two weeks ago President Trump’s top economic advisor Gary Cohn asked an audience of CEOs and top executives whether their companies will invest more if the GOP tax scam passes and found few were interested in doing just that. Cohn, now famously, asked ‘why aren’t the other hands up?’
And today, as he traveled to Missouri, the president once again attempted to mislead the American people about the GOP tax scam: a tax scam that will increase taxes on America’s hard-working middle class families, while giving massive tax breaks to the rich and corporations shipping jobs overseas.
Democrats will continue to hold House Republicans accountable for their disastrous vote to raise taxes on middle class families. Whether in the House or the Senate, the GOP tax scam is very bad news for middle class America.