Key findings from the ATF report show that:
- Although President Trump promised the average worker would see a $4,000 pay raise due to the tax cuts, only 4% of workers so far are getting a bonus or wage hike.
- Only 402 of the nation’s six million employers have announced any plans to share their tax cuts with employees through bonuses or wage hikes. The total is estimated at $7 billion so far. But that pales in comparison to the $77 billion in tax cuts that just 156 corporations are getting this year.
- Corporations are giving huge windfalls to their CEOs and wealthy shareholders in the form of stock buybacks, as they own most stock. Corporations have announced $484 billion in stock buybacks since the tax law was passed. That’s 69 times more than the $7 billion corporations have promised workers through one-time bonuses and wage hikes.
- Despite the promise that the tax cuts would increase wages, the government reported last week that in the last year average hourly wages for four out of five workers in the private sector have gone down after inflation.
In addition, by effectively repealing the individual mandate in the Affordable Care Act, the tax-cut law will cause:
- 13 million Americans to lose health care coverage by 2025 [CBO].
- ACA insurance premiums to spike by 10%, on average, most years for the next decade.
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