Monday, December 04, 2017

CEOs agree: Corporate tax cuts won't trickle down

I suggest reading the whole article at the following link:

By Hunter Blair, opinion contributor — 12/03/17 11:00 AM EST


Companies including Cisco, Pfizer, Coca-Cola and Amgen have said that the gains from corporate tax cuts will go to shareholders.

When CEOs were asked at a Wall Street Journal event to raise their hands, “If the tax reform bill goes through, do you plan to increase investment — your company’s investment, capital investment,” few raised their hands.

White House National Economic Council Director Gary Cohn asked “Why aren’t the other hands up?” The hands weren’t up because the gains from corporate tax cuts will go to shareholders, not workers.

This means the gains from cutting corporate taxes will disproportionately accrue to the rich, since the top 1 percent holds about 40 percent of stock wealth.

With corporate tax claims thoroughly debunked, there is no avenue left through which the Republican tax bills can be considered anythin

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