Americans for Tax Fairness (ATF) on Monday launched a database, called “Trump Tax Cut Truths,” to track how more than 800 corporations are responding to the new GOP tax law, finding that only 4 percent of workers are receiving bonuses and/or wage increases due to the tax cuts.
The ATF database contains information about the size of corporations’ tax cuts, bonuses, wage increases, job cuts, new investments and stock buybacks.
“The results are as we warned,” ATF Executive Director Frank Clemente said, arguing companies and their stockholders are seeing massive tax cuts “but they are not sharing the wealth.”
ATF found that the more than 800 corporations are spending 37 times as much on stock buybacks than they are on bonuses and wage increases. The group also found that 433 of the Fortune 500 companies have not announced any bonuses or wage increases.
The Hill added:
The database is being unveiled as Republicans and Democrats are debating the merits of the tax law ahead of the midterms election No Democrats voted for the measure when it passed in December.
Republicans have been making the tax law a key part of their campaign messaging, arguing that it will lift people’s incomes and boost economic growth. Democrats have been arguing that most of the benefits are going to wealthy individuals and corporations.
Clemente said that his group’s database will help voters be informed about whether or not politicians’ claims about the law are accurate.
“We think that this data is going to be important,” he said.