While real wages for families are falling, Republicans give Wall Street banks a $9 billion kickback.
Republican lies about the tax scam they passed last year are coming home to roost just weeks before the midterm election.
Contrary to the GOP’s dishonest spin, the bill is both bad for working families and a huge boon for Wall Street bankers — who got a kickback of $9 billion.
In the first nine months of the year, just six Wall Street banks “received more than $9 billion in combined tax cuts since the GOP tax law came into effect,” according Not One Penny, an advocacy group opposed to the Republican tax bill.
Banks are using these billion-dollar kickbacks to buy back their own stocks, which makes corporate shareholders richer.
At the same time, many of these banks are also laying off their hard-working employees.
While Wall Street banks are overflowing with billions of dollars in profits, Main Street American families are being left out in the cold by Republican policies.
“Real wages are flat and trending the wrong way,” Forbes reports. When Americans’ wages do rise, inflation gobbles up all of that value and then some.
“This blatant disregard for working families epitomizes why we must hold Republicans accountable for passing a tax law written solely for the wealthiest individuals and biggest corporations,” Ryan Thomas, spokesperson for Not One Penny, said in a statement.
As Thomas notes, families aren’t seeing higher wages or bigger paychecks. Just broken promises.
“The idea that the tax cuts were going to line workers’ pockets was always a mirage,” reported the New York Times. The bill, it turns out, “doesn’t do any of what [Republicans] promised.”
Voters are noticing that they’ve been scammed.
Even an internal GOP poll shows that more than 60 percent of American voters think the law benefits “large corporations and rich Americans” over “middle class families.”
Americans are so opposed to the Republicans’ sole legislative achievement in the Trump era that many Republicans have stopped using the tax scam in their midterm ads.
Moments after the bill passed the Senate, Sen. Mitch McConnell (R-KY) said, “If we can’t sell this to the American people, we ought to go into another line of work.”
But clearly, Americans are not sold on the Republican tax scam.
Published with permission of The American Independent.