Five ways the GOP tax scam helps the wealthiest 1%, not working Americans

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Five ways the GOP tax scam helps the wealthiest 1%, not working Americans

May marks 5 months since the GOP rushed through their hastily-written tax bill—which they repeatedly claimed would help the middle class. Reality looks a little different, though. Here are 5 ways the scam has gone on to help the wealthiest among us, not hardworking American families.

1. The country’s biggest banks made at least $3.59 billion from the tax cuts—in one quarter alone

As the Associated Press reported, that’s $11 a person if the $3.59 billion tax cut were to be divided among individuals. Naturally, it won’t be.

2. The “trickle-down” doesn’t help employees

According to a recent study of all Fortune 500 companies, only 4.3% of 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.

According to the study, 433 corporations out of the Fortune 500 haven’t announced plans to share their tax cuts with employees.

3. A special provision gives a $17 billion tax break to millionaires

The tax bill includes a deduction for owners of “pass-throughs”—businesses that have their income “pass through” to their owners.

In other words, $17.4 billion, or 44.3% of total tax cuts, will go to roughly 200,000 Americans making $1 million or more, who claim the pass-through deduction.

Another $3.6 billion, or 8.9%, will go to taxpayers who earn $500,000 to $1 million.

4. Wells Fargo—which has a history of scamming its own consumers—is benefiting

Wells Fargo was recently fined $1 billion for the bank’s latest malpractice, which involved unfairly charging thousands of customers for unnecessary auto insurance and mortgage borrowing fees.

But thanks to the GOP, Wells Fargo will make nearly four times what they’ve just been charged, despite the bank’s long history of wronging its own customers.

5. The ultra-rich will only continue to save money

By 2024, the Joint Committee on Taxation estimates that pass-throughs will save $60.3 billion on taxes thanks to the law. $31.6 billion of that total will go to individuals and households earning more than $1 million.

Studies predict that by a year later, 2025, Americans in the 95th percentile or above will see a boost of more than 3% to their after-tax incomes.

The numbers don’t lie: This bill is clearly a giveaway to Wall Street and the wealthiest among us, while this administration continues to take steps to make life more difficult for hardworking families—whether they’re actively working to make access to healthcare more difficult, proposing raising rent for struggling Americans, or considering making the requirements to access food stamps more stringent.

It’s why, more than ever, we need Sherrod in the Senate fighting on behalf of all Ohioans, not just the wealthiest 1%. If you agree, show your support now: