According to a new paper from conservative-outlet-turned-resistance-participant, The Hill, average workers’ have failed to see a significant wage increase since the corporate tax cut that promised significant wage increases went into effect.
Exhaustively compiled with the help of a Duke University professor, the paper found that “when states cut corporate tax rates, most workers’ wages do not rise. Instead, [inequality] increases, with most of the benefits of the cuts going to the ultra-wealthy.”
For instance, between 1990 and 2010 — a period in which 25 states reduced their corporate tax rates “at least once” — the “share of income going to the top 1 percent of earners rose from 14.5 to 19.8 percent,” and “corporate tax cuts were responsible for as much as 12.5 percent of that growth in inequality.”
And while the Hill did find that those making more than $200,000 a year experienced an income hike, the rising tide stopped there. “For everyone else, wages and incomes… remained flat.”
And, as has been proven time and again, concentrated wealth rarely trickles down – it’s usually just used to make more money. “After corporate tax cuts… wealthy individuals reported an 11 percent increase in income tied to investment and capital.” Unsurprisingly, “those investments are not yielding higher wages for the average worker.”
There was a time when the existence of literal magic seemed more probable than The Hill calling out the GOP, but here we are.
You can read more about at The Hill.
