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01/30/2020 | Holding Wall Street Accountable, Raising the Bar for Workers and Families

New CPD Report Reveals Tax Act Hurts Workers

In December 2019, CPD and the Economic Policy Institute, published a report "Still Terrible at Two: The Trump Tax Act Delivered Big Benefits to the Rich and Corporations But Nearly None for Working Families." On the two year anniversary of Trump's tax act, the report uses government data to show there has been no increase in wages for working people and no increase in business investment--all while corporate revenues have plummeted and corporate stock buybacks have soared. Overall, the paper finds that the TCJA - one of the largest overhauls of the tax system in the last 50 years - enacted sweeping changes to benefit corporations and wealthy individuals while the interests and priorities of working families were ignored. 

The TCJA has failed to boost American workers’ wages or to deliver broad prosperity for low-income communities or communities of color. The report features powerful stories from member leaders at United for Respect who have faced stagnant wages while working at companies that have spent billions in corporate stock buybacks, rather than investing in their workforce. In addition, the report profiles small business owners and members of the Main Street Alliance who found Trump's so-called "small business tax cuts" remained elusive. The report was released in tandem with a week of action coordinated by the Tax March. Download and read the full report here.