Tax cuts are for the rich

According to Americans for Tax Fairness, a coalition of organizations which advocates for progressive tax reform, the numbers in their new analysis reveal that the public relations campaign touting the idea that corporations would be sharing "a big slice of their huge Trump tax cuts with their workers through bonuses and wage hikes is mostly hype." Less than ten percent of the nation's wealthiest and most-profitable companies have shared any of the financial benefits they received from a massive corporate tax cut provided by Trump. only 46 of the Fortune 500—just 9 percent overall—have announced any plans to share their tax-cut wealth with workers.

"Not only are few big corporations sharing any portion of their tax-cut bounty," the group stated, "but the amounts going to workers pale when compared to how much the companies are getting in tax cuts and to how much they’re returning to shareholders through stock buybacks and dividends (where those figures are available).

Among Fortune 100 corporations:

• Only 18 (18%) of them appear on the ATR list for having given some benefit to employees due to their tax cuts.
• Only 13 (13%) of them are on the list for one-time bonuses and just 6 (6%) are on the list for wage increases.
• Nine (9%) are on the list for other types of benefits being provided to employees.

Among Fortune 500 corporations:

• Only 46 (9%) of them appear on the ATR list for having given some benefit to employees, customers, or charitable organizations due to their tax cuts.
• Only 29 (5.8%) of them are on the ATR list for one-time bonuses and just 17 (3.4%) are on the list for wage increases.
• 26 (5.2%) are on the ATR list for other types of benefits being provided to employees or for charitable contributions or consumer benefits, such as lower electricity rates.

"The idea that tax cuts for corporations and millionaires will trickle down to workers has been debunked over and over," said ATF executive director Frank Clemente. "Even many CEOs have acknowledged that the benefits will flow to shareholders, not to employees. "