This week marks two years since Senate Republicans pushed their tax scam through Congress, and the Democratic Senatorial Campaign Committee will continue to highlight how their deeply unpopular legislation put corporate special interests and the wealthiest Americans ahead of hardworking families.
Two years ago, Senate Republicans gave giant corporations the best gift they could have asked for — tens of billions of dollars in tax breaks. However, instead of using this “windfall to corporate America” to invest in workers, giant corporations funneled the giveaway into stock buybacks to benefit executives and wealthy shareholders, all while cutting employee bonuses and laying off workers.
Rather than rewarding hardworking employees or putting profits towards new capital spending as they had promised, “big companies are holding record levels of unused cash” while “higher rates of growth and business investment and a shrinking deficit… have largely failed to materialize.”
“Senate Republicans’ tax giveaway was a windfall for Wall Street and a victory for wealthy corporate CEOs and shareholders, but the benefit for hardworking families was negligible at best,” said DSCC spokesperson Stewart Boss. “Republican senators swore this handout would boost the economy and spur business investment, but two years later their promises have fallen flat while hanging workers out to dry.”
Here’s how the “biggest winners” from Senate Republicans’ tax giveaway used their windfall to boost their own bottom line at their employees’ expense:
ICYMI: Ted Cruz and Rick Scott back House GOP efforts to shut down the government [The American Independent]
19 hrs Ago