Daily Pat Political Point–Employees Get “Tiny Piece” Of GOP Tax Scam–February 12, 2018

February 12, 2018

The Daily Pat Political Point. Don’t fall for the headlines, the “tax reform” bill isn’t benefiting most workers.

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Analysts from Morgan Stanley issued a scathing report about the GOP Tax Scam Bill last week.

According to the report, only 13% of the business tax cut will go to workers. Meanwhile, 43% is to be allocated for investors “in the form of stock buybacks.”

No kidding.

President Trump and his Republicans argue that some “300 companies” have announced some type of bonuses or raises for workers.

While workers receiving any kind of pay raise is always acceptable, it’s not that cut-and-dry.

For instance, those 300 companies employ about 3.5 million workers. The entire American workforce is 125.5 million.

But maybe you’re thinking times will change, and trickle-down will finally work.

Perhaps.

Or maybe not.

Patricia Cohen from The New York Times shared a disturbing fact the other day. She found in 1991, spending on temporary rewards and bonuses by companies accounted for 3.1% of their compensation budgets. Salary raises averaged 5% of compensation budgets.

In 2017, one-time bonuses or raises accounted for 12.7% of those budgets while long-term salary raises tallied a grand total of 2%.

We’ve suffered from wage stagnation for decades. When adjusted for inflation, median pay for men is lower today than it was in 1974.

Lifetime earnings have dropped, too.

I thought getting rid of unions would fix everything?

Meanwhile, several corporations were already paying below the corporate tax rate. Some are being rewarded for hiding money overseas for years, too.

Wall Street banks are rolling in the cash since they paid a higher corporate tax rate. On top of that, the Trump White House is removing protections designed to prevent Wall Street’s predatory ways which created the 2008 financial crisis!

But I thought Hillary was the Wall Street candidate?

But perhaps you’re thinking, “Pat, this time it’s going to be different.”

You know better.

One more note on how we’re being played.

Consumers Energy reported that thanks to so-called tax reform, it would cut customer rates in Michigan by 3-4%, a savings of $5 per month.

Yet, Consumers also received the green light from Michigan regulators to raise electricity rates by 4%.

It’s one giant scam!

pat@wsgw.com

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