Most Americans do not approve of the Republican tax bill championed by Congressman Steve Knight (R-Palmdale) and congressional Republicans. The bill has failed to produce the economic results promised, and new polling suggests Americans have noticed.
A June poll from Monmouth University shows only 34 percent of Americans approve of the tax bill, down 10 points from January. The substantial drop in a relatively short time comes after numerous reports that workers aren’t seeing any increases in their paychecks, but companies are showering Wall Street investors with billions of dollars in stock buybacks.
“Public opinion on the Republican lawmakers’ signature accomplishment has never been positive,” says Patrick Murray, director of the Monmouth University Polling Institute, “but potentially growing uncertainty about how American taxpayers will be affected does not seem to be helping the GOP’s prospects for November.”
Despite the abysmally low approval ratings, Knight continues to tout his vote for the bill. (Knight did take a brief respite from posting about the tax bill on social media to propose reviving World War II-style internment camps for immigrant families.)
For Californians, Knight’s vote could mean higher taxes and higher health care premiums. In the Los Angeles area, a 30-year mortgage will cost up to $76,000 more because of higher taxes supported by Knight. Overall, about one million Californians will owe $12 billion in more taxes this year.
Meanwhile, wealthy corporations are focused on lavishing billions on Wall Street investors, not increasing wages. “Over the past year, S&P 500 companies have given their shareholders a record $1 trillion in the form of buybacks and dividends,” reports NBC News. According to the NBC reporting, corporate insiders are the only ones who really benefit from the bill championed by Knight:
Compounding the issue is a recent study by the Office of SEC Commissioner Robert Jackson that found that a stock buyback announcement often leads to a short-term stock price pop, which corporate insiders use to cash out their shares.
In a blunt repudiation of Republican promises about the tax bill, NBC News said, “The White House promised ’70 percent’ of the tax cut would go to workers. It didn’t.”
In fact, another report shows real average hourly earnings for workers have fallen when comparing May 2018 to May 2017.
The tax bill championed by Knight has led to higher taxes for Californians, stagnant wages for workers, and a boon for rich Wall Street corporations. No amount of spin can erase those facts, and Americans know it.