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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (1102881)	12/3/2018 2:09:02 PM
From: puborectalis	Respond to of 1587773

Nearly one year ago, the Republican Congress passed and the president signed the controversial and partisan Tax Cuts and Jobs Act (TCJA). Proponents sold this law as a middle-class tax cut that would dramatically increase business investment, raise wages, and simplify the tax code. But more than 11 months later, there is little sign that any of these promises will be fulfilled. Instead, it is increasingly clear that the tax law isn’t just a wasteful giveaway — it is harming the economy, workers, and the U.S. fiscal position in important ways. Real wage growth has been largely nonexistent for the average worker since the tax bill passed. Production nonsupervisory workers only saw a 0.2% year-over-year increase in average hourly earnings last quarter. The people who did benefit, however, made out like bandits. Analysts from the Tax Policy Center estimate that the top 1% of earners will receive a larger share of the tax cut this year than the entire bottom 60% combined, with the average one-percenter receiving a windfall of more than $50,000 — a result of the enormous tax cuts for corporations and large pass-through businesses, which are disproportionately owned by the wealthy. Unfortunately, the authors of the tax cuts ignored the historical evidence showing that companies don’t use their windfalls to create jobs or invest in workers or innovation. In fact, the trend has been the opposite, with cuts to long-term investment in favor of short-term payouts.