MADISON — It’s been six months since the GOP tax plan was signed into law, and Wisconsinites have yet to see the benefits that Congressional Republicans, Scott Walker, and U.S Senate candidates Leah Vukmir and Kevin Nicholson promised the law would bring.
The plan, which gives 83% of its benefits to the top 1% of earners, showers wealthy corporations like Wells Fargo and Exxon with significant tax giveaways while causing health care premiums for working families to skyrocket.
Additionally, now that their corporate tax cuts have ballooned the deficit, House Republicans are proposing devastating cuts to Medicare and Social Security.
And as for the benefits Scott Walker, Leah Vukmir and Kevin Nicholson endorsed? Well…
- The GOP Tax Scam has failed to raise wages. From The Washington Post: “The tax bill, which Trump promised would serve as ‘rocket fuel’ for the economy, hasn’t led to any liftoff whatsoever in real average hourly earnings. Since December, the number hasn’t gone up; year over year, it hasn’t gone up.”
- It is unlikely to create jobs. From The New York Times: “The new corporate tax cuts are unlikely to stimulate the level of job creation and wage growth that the Trump administration has promised, a trio of prominent economists has concluded, because high tax rates were not pushing much investment out of the United States in the first place.”
- Shareholders, not workers, are raking in the benefits: Big corporations here in Wisconsin have used their massive tax savings to reward wealthy shareholders, not workers, with record-setting buybacks on pace to top $1 trillion this year.
Perhaps that’s why the GOP tax plan continues to hemorrhage support.
“What’s true six months ago is true now: the Trump-Republican tax plan supported by Scott Walker puts wealthy donors and corporations first while leaving working families to foot the bill,” said Courtney Beyer, Democratic Party of Wisconsin spokesperson. “Republicans are eager to cut Social Security and Medicare while they shower wealthy corporations with tax breaks. We must stop them, and that’s why we need to elect Democrats up and down the ballot.”
“Ron Johnson, Paul Ryan and the rest of the Republican Wisconsin congressional delegation had the full support of Scott Walker when they voted for this plan, and Republican candidates like Kevin Nicholson and Leah Vukmir would continue down the same dangerous path.”