COLUMBUS — Just days after an analysis found that the Republican tax plan will increase the deficit by $1.9 trillion and damper economic growth, a new report is showing how Republicans like Congressman Jim Renacci are enriching themselves off the GOP tax plan. According to the report, Congressman Renacci could receive up to a $330,100 tax cut — a figure more than six times the median household income in Ohio — thanks to the tax law’s passthrough business deduction.
“This is further proof that the Republican tax scam is a boon for the wealthy and the well-connected at the expense of Ohio’s middle class,” said For Ohio’s Future spokesperson Daniel van Hoogstraten. “While Jim Renacci is getting rich off the Republican tax plan, he’s leaving Ohio workers and families to foot the bill.”
Congressman Renacci, who is Ohio’s wealthiest member of Congress, has been an outspoken supporter of the Republican tax plan. But far from the middle-class boost Renacci is trying to sell to Ohio voters, the Republican tax plan has done little to help Ohio workers:
The New York Times: Blue-Collar Trump Voters Are Shrugging At Their Tax Cuts
His underwhelmed reaction was not what Republicans had in mind … The result has hardly been a windfall, economically or politically … the working class here is not feeling flush with newfound wealth. And some are convinced that what the tax cut has given them upfront will ultimately fade.
Newsweek: Trump’s Tax Cuts Didn’t Benefit U.S. Workers, Made Rich Companies Richer, Analysis Finds
A new analysis of all Fortune 500 companies found only 4.3 percent 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 … The analysis also found that companies spent 37 times as much on stock buybacks than they did on bonuses and increased wages for workers.
The Washington Post: Three months into the tax cuts, significant wage gains seem elusive
The December tax cuts … were supposed to be ‘rocket fuel’ for the economy, giving businesses a big tax cut that would then result in increased wages for their employees. A survey in February found that about 13 percent of the corporate tax cuts were going to workers; unions say their workers aren’t seeing the benefits. It’s only been three months, but, then, rocket fuel isn’t really known for its slow burn.
The Hill: Corker: Tax cuts could be ‘one of the worst votes I’ve made’
Retiring Tennessee Sen. Bob Corker (R) said his vote on the GOP tax law could be one of the worst of his career if estimates that it will add $1.9 trillion to deficits over a decade prove correct.