Republican Sen. Marco Rubio, a man not known for displaying a backbone of steel in the face of controversy, must have taken a swig of truth serum.
How else can you explain this comment he made in an interview about the GOP’s beloved tax and plan and its big corporate tax cut with The Economist:
“There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers. In fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker.”
Whoa big guy. You do know that this rarely seen foray into the truth is counter to the GOP position/fairy tale of the absolutely wonderfulness of trickle-down economics, don’t you?
To be fair, Rubio has lobbied in the past to increase the child tax credit and to restructure it to allow more poor Americans to access it.
While we’re telling the truth, here’s some more:
*CNBC reported that money from the corporate tax cuts have gone to executives and investors over workers by a nearly 3-to-1 margin. Companies dedicated $305 billion to share buybacks and cash takeovers compared with $131 billion in wage growth in the first quarter.
*Newsweek reported that an analysis of all Fortune 500 companies found only 4.3 percent of their workers will receive a one-time bonus or wage increase tied to the business tax cuts, while businesses received nine times more in cuts than what they passed on to their workers.
*A Bloomberg analysis found that about 60 percent of tax cut gains will go to shareholders, compared to 15 percent for employees.
*A Morgan Stanley survey found that analysts estimate 43 percent of tax cut savings will go to stock buybacks and dividends, while 13 percent will go to pay raises, bonuses, and employee benefits
*Just Capital’s analysis of 121 Russell 1000 companies found that 57 percent of tax savings will go to shareholders, compared to 20 percent directed to job creation and capital investment and 6 percent to workers.
*The Washington Post reported that independent analysts say the tax bill hasn’t yet had a measurable effect on the average American.
And so it goes. More information on the Republican tax plan/scam keeps rolling out, all running counter to the GOP fable that tax cuts for corporations and the rich will trickle down to benefit the poor and middle class.
We’ve seen how trickle-down economics has been a disaster at the state level. We don’t need to see it at the national level now.
What we are seeing is the GOP, with control of both houses of Congress and the White House, trying to check off as much as it can on its pro-rich, anti-poor-and-middle-class wish list.
The facts aren’t on the side of the Republican Party. They seldom are. Of course, that’s never stopped them from lying before.
You can never point that out too often.
Especially with an election of staggering importance coming up in November.
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