A recent August 2018 report from the Bureau of Labor Statistics revealed that the economic health of the average American family is getting worse. This report showed that real wages are not keeping pace with inflation and the average American family is making less this year than they were last year.
The GOP tax cut that was promoted by Rep. Adam Kinzinger and signed by Trump was promoted as putting more money in the paycheck of average Americans. They promised as much as $4,000 more annually.
In reality, what has been witnessed is the vast majority of the corporate tax cut was spent on corporate stock buybacks. In a U.S. Chamber of Commerce survey of 393 corporations 57 percent reported they would be using the vast bulk of their tax savings to buy back stocks to improve their market performance and increase control. Meanwhile, only 38 percent reported they would be using these savings to invest in U.S. operations.
Even by numbers released by the GOP, only 6 million American workers saw any direct compensation benefit from the tax cut. This represents only 2.5 percent of the U.S. workforce. This compensation ranged from one time bonuses to pay raises.
At the same time, many corporations that received benefits from the tax cuts have reported they will be moving production facilities overseas or to Mexico. One of these companies, Carrier, sent almost 1,000 jobs from Indiana facilities to Mexico.
For years, Rep. Adam Kinzinger and the GOP have been promoting their pro-business agenda promising it would bring back prosperity for working families of the U.S. Instead we see that the policies of the Republican Party are hurting the working class families of America.
Bill Becker, Roscoe