The GOP tax law has not done much for workers, but it has sparked a wave of stock buybacks benefiting rich executive.
Despite lofty promises from President Donald Trump and the Republican Party, the $1.5 trillion in tax cuts that went into effect last year have done little — if anything — to raise workers’ wages, boost economic growth, or spur business investment.
That’s according to a new analysis by the nonpartisan Congressional Research Service (CRS), which appeared to vindicate warnings from progressive critics that the GOP tax cuts were little more than a scam designed to put more money in the pockets of wealthy Americans.
In its 23-page report (pdf), the independent research arm found that while the Republican tax law has not done much for workers or the overall economy, it has sparked a wave of stock buybacks, which primarily benefit rich executives.
According to the CRS, “evidence does indicate significant repurchases of shares, either from tax cuts or repatriated revenues,” but “relatively little was directed to paying worker bonuses, which had been announced by some firms.
