Pennsylvania Democrats criticize the new tax cuts for overwhelmingly benefiting the wealthy
Political ads for the upcoming March 13 special election between former U.S. assistant Attorney Conor Lamb (D-Mount Lebanon) and state Rep. Rick Saccone (R-Elizabeth) have taken up the new tax cuts as a central issue. The National Republican Congressional Committee has put out attack ads stating that Lamb is aligned with U.S. Rep. Nancy Pelosi (D-Calif.), who called the tax cuts “crumbs” for middle-class families. (Lamb has said the tax cuts are a “betrayal” to the middle class, but stated in January that he doesn’t support Pelosi.)
Since the bill's passage in December, headlines about the tax cuts have focused on some large corporations that have doled out $1,000 bonuses to workers and others that have slightly increased workers' wages. Also, according to nonpartisan Urban-Brookings Tax Policy Center, households making $60,000 a year will have their after-tax income inch up about 1.5 percent after 2018, but those will tax savings will tick down by 2025 and be eliminated in 2027.
And some Pennsylvania Democrats are starting to point out who they believe are the real winners of the tax-cut bill: the wealthy.
Pennsylvania U.S. Sen. Bob Casey (D-Scranton) tweeted on Feb. 22 about the deluge of corporations that were providing billions of dollars in stock buybacks to their shareholders. Stock buybacks are when companies purchase their own shares as a way to return cash to their shareholders. News site Axios reported on Feb. 21 that 43 companies had announced stock buybacks totaling $173 billion. Billionaire investor Warren Buffet announced that his company, Berkshire Hathaway, reported a $29 billion gain due to the new tax law.
Read more: https://www.pghcitypaper.com/PolitiCrap/archives/2018/02/28/pennsylvania-democrats-criticize-the-new-tax-cuts-for-overwhelmingly-benefiting-the-wealthy
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