For example, only 36 percent of voters in Rep. Steve Knight’s Palmdale-area district support the tax bill. In Orange County, 60 percent of Rep. Mimi Walters’ constituents support, “reversing tax cuts for the rich and eliminating tax loopholes for large corporations, and [using] that money to make long-term investments in rebuilding our roads, bridges, and schools.”
The bill was not popular when it passed, and as provisions of the bill take effect, not many people are changing their minds. It is easy to understand why.
While workers are being left behind, corporations are showering Wall Street with more than $170 billion worth of stock buybacks, a mechanism to increase the value of stocks, mainly benefitting hedge funds, Wall Street investors, and executives.
States like California already pay a large amount of the nation’s taxes, and the Republican tax bill “substantially increase[d] the share of total federal personal income taxes” paid by California, according to the Institute on Taxation and Economic Policy. Most other states will “receive a larger share of the tax cuts relative to what they pay to the federal government today.”
Californians, understandably, are unhappy with the bill. And the polls show the rest of America feels the same way.
According to a Monmouth poll, 68 percent of Americans think their taxes will either go up or stay the same. That’s a far cry from what Knight promised while debating the bill, when he said, “workers [will] see more money in their paychecks every month for them and their families to enjoy.”
Republicans are desperate to claim the tax bill is a benefit to middle-class Americans, but it is hard to deny the reality that the bill is a giveaway to corporations, financed largely by debt which future generations will be burdened with.