Sen. Marco Rubio (R-FL) admitted in an interview that there is no sign that workers are getting any of the benefits from the GOP/Trump tax cuts for the wealthy and corporations.
Rubio told The Economist, “There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers. fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker.”
Workers are getting hurt by the Trump tax cuts
The Trump tax cuts only netted a one time bonus for 4.2% (6.5 million) US workers. There are 155 people working in the United States so over 95% got nothing, while their bosses got richer. Eighty-six percent of Fortune 500 companies have not said publicly whether or not they will give bonuses. However, the real damage that is being done is in job losses, According to Americans For Tax Fairness, “A total of 96,956 private-sector job cuts have been announced at 185 companies since the tax law was passed by Congress. The actual job-loss total is higher, but some big companies, including Amazon and Wells Fargo, have not offered precise figures in their layoff announcements.”
Rubio is telling the truth. The tax cuts were a scam. Of course, Sen. Rubio knew that the cuts were going to hurt workers and families, and he still voted for the bill. Marco Rubio is no hero. He was stating the obvious and breaking from the fantasy that Republicans continue to try to sell that their magic tax cuts for rich people are going to lead to prosperity for all.
There is no prosperity coming for America’s workers, as the tax cuts were intended to benefit the wealthy and corporations alone.
For more discussion about this story join our Rachel Maddow and MSNBC group.