Ways & Means Committee Democrats Release Republican Tax Law Progress Report
May 15, 2018
Nearly six months later, the law has spurred layoffs, higher health care costs, ballooning debt, and rewards for wealthy investors, not workers
WASHINGTON, DC – Today, the Committee on Ways & Means Democrats released a progress report that assesses the results of the Republican tax plan six months after it became law. The report’s release comes one day before the Ways & Means Committee holds its first public hearing on the legislation that Republicans hastily forced through the House of Representatives in December of last year.
In their progress report, the Ways & Means Democrats find that since President Trump signed the Republican tax law:
- Health insurance premiums have skyrocketed, and protections for Americans with pre-existing conditions have weakened;
- The national debt has ballooned, with the U.S. Treasury now borrowing $5.4 billion per day, saddling the next generation of Americans with the bill;
- Tens of thousands of workers have been laid off; and
- Corporations have announced more than $400 billion in corporate stock buybacks to reward wealthy investors, while the majority of American workers have not seen their paychecks grow.
In selling their tax law to the American people, Republicans promised that their plan would be “rocket fuel” for the economy, the middle class would reap the biggest benefits, and every worker would get a $4,000 pay raise. But instead of increasing opportunity or strengthening financial security for Americans, the Republican tax law has had a series of negative impacts on workers and their families.
To learn more, view the full report HERE.