Trump Tax Law Update: Record Profits For Banks & Corporations, While Workers Lose Their Jobs
Trump and Republicans promised their massive tax cuts for the rich and big corporations would benefit workers, but that never happened. Here’s an update on the latest from the Trump tax law.
Corporate profit growth hit a 6-year high.
MarketWatch: “A torrid U.S. economy blazed a 3.5% pace of growth during the summer and boosted corporate profits to the highest rate in six years, fresh government figures show.”
Banks hit record-high profits.
Washington Examiner: “The U.S. banking sector reported record-high profits in the third quarter of 2018, thanks in large part to last year’s tax law.”
GM workers lost their jobs.
Detroit Free Press: “Congressional Democrats let loose on General Motors’ decision to close plants in Michigan and Ohio on Monday, saying that the company got millions in tax breaks heralded by President Donald Trump but that they haven’t saved workers.”