Trump’s Tax Plan Doing the Exact Opposite of What He Claimed It Would
One key source of Donald Trump’s support was his promises that he would completely overhaul tax laws. He promised to make filing taxes simpler, and to enact cuts that would benefit the working class.
By the time Trump’s promised changes were signed into law in December 2017, there had been some shifts in those promises, but he still stood by the claim that the tax cuts he gave to big business owners would benefit workers, who would see raises and bonuses because their bosses would save money.
Trump and his GOP associates have boasted as various individual companies gave their workers one-time bonuses, often failing to mention that most employees wouldn’t actually receive the amounts named, if they receive any bonus at all. Now, reports say that it’s not just the bonuses that fall short of claims, but the boosted wages too. In fact, early numbers show wages have been falling steadily in the first half of the year.
It’s not the first time we’ve seen that Donald Trump’s promises for his tax bill have exceeded the actual results. For instance, when Trump boasted of companies giving workers bonuses, Washington Post uncovered that at least one company was giving these bonuses to some employees… while quietly laying off others.
Huffington Post discovered that at least three companies (Lowe’s, Walmart, and Home Depot) were touting a $1,000 bonus — but it was only for employees who had been with the company for 20 years or more. Other employees might receive a bonus as low as $150, if any at all. The typical retail employee hasn’t been working at the same company for 20 years.
With that as background, it’s no surprise that the GOP administrations claims of wages rising under Trump are also in conflict with the actual numbers. According to Bloomberg‘s latest analysis, average hourly wages fell in the first quarter after Trump’s tax bill passed. Further, while the numbers aren’t official yet, it looks like the second quarter is showing an even bigger decline.
It’s not just hourly wage earners who are seeing Trump’s promises fall short, either. The Economist warned earlier this year that Trump’s proposed cuts to the annual Farm Bill are a concern for farmers. Manufacturers are being affected by Trump’s tariff war — NPR reported this week on a nail manufacturer forced to layoff employees as steel tariffs raise the prices of raw material, making imported nails cheaper for customers than those made in the U.S.
Across the working class, employees are seeing the effects of Donald Trump’s policies — and they’re learning that he’s not a savior. Instead, they’re suffering under his regime, and their GOP representatives continue to tell them it’s a good thing.