Republicans assured their tax bill would produce higher paychecks for Americans, but that’s not happening.
A new CNBC survey shows a mere 32 percent of Americans have seen an increase since the law took effect, a far cry from the over-the-top promises made by Republicans like Rep. Steve Knight (Palmdale) and Mimi Walters (Irvine) made when they supported the bill in Congress.
Walters boasted the bill would “allow hard-working Americans to keep more of their paychecks.” This latest poll was conducted in mid-March, “which should be well enough into the year for Americans to notice a change,” says CNBC. “But that’s not the case.”
Knight declared, “Workers [will] see more money in their paychecks every month for them and their families to enjoy.”
Again, that’s just not the case.
Even the few who are noticing a change say it is not making much of a difference. Of the few who see any change, more than half say it helps either just a little or not much at all.
Americans aren’t seeing much of a change, but unfortunately, millions of Californians are about to see higher taxes. Homeowners in Los Angeles face an additional $76,000 in taxes over the course of a 30-year mortgage.
According to Democratic Minority Leader Nancy Pelosi, “California Republicans betrayed their constituents and their state to hand Speaker Ryan the votes for a bill designed to hit Californians with the largest net tax hikes of any state in the nation.”
While workers aren’t seeing any benefit, corporations are showering investors on Wall Street with stock buybacks, a method of boosting their stock price. The average worker doesn’t benefit from this activity. According to Axios, “That money is enriching hedge funds, other Wall Street investors,” and company executives.
Corporate titans are flush with billions of dollars from stock buybacks while Walters spends her days bragging about a secretary who is receiving an additional $1.50 per week.
Six quarters is technically change, but not the kind of change Republicans promised.