The Tax Cuts and Jobs Act of 2017 Has Failed American Workers
It has not created jobs like promised. It has not raised wages like promised. It has instead gone almost exclusively to the ultra-wealthy and businesses have used an obscene amount of the savings they’ve received to buyback their own stock and increase CEO and executive payouts. These corporate handouts have come at the expense of mounting debt that will ultimately fall onto the American people to pay for moving forward. That was not how this tax cut was sold to the American people.
The legislation lowered the corporate tax rate from 35% down to 21%. It also created offshoring issues by having the tax rates paid for profits from outside of the United States to be paid at HALF of that rate – 10.5%. This has led to the closing of multiple American call centers and manufacturing plants as the lure of lower taxes and greater corporate profits has enticed companies to close down locations here in the United States. The very thing the tax cuts was supposed to prevent – it has exacerbated.
The offshoring and outsourcing of American jobs since the passage of the Tax Cuts and Jobs Act of 2017 have increased. The stock market is up as corporations are cashing in on this new found windfall, but those gains go mostly to those who already had the most wealth to begin with. Unemployment rates are low, but wages have not risen at an equal rate with the demands which means the purchasing power of the average American has still yet to show any relevant increase.
To put it simply – this tax cut helped the wealthy and that is not of benefit to middle-class American working families. It’s been to the detriment as tens of thousands of the good jobs have now been shipped offshore.
It’s time to change that. The Tax Cuts and Jobs Act of 2017 is a failure for American workers. The writing is on the wall and it’s time for our elected representatives to start demanding changes. They must stop catering to lobbyists fueling their election campaigns and instead focus on putting American Workers First.