“Every day, it becomes clearer that the big winners from the Washington Republican tax bill are foreigners and corporate CEOs,” said Scott McNeil, Executive Director of the North Dakota Democratic-NPL. “Not only did Kevin Cramer vote to increase the deficit by $1.9 trillion, he voted for a bill that gives 80 percent of economic gains to wealthy foreigners and offshore corporations. This isn’t ‘America First’ – it looks a whole lot more like America Last.”
Key points below:
Newsweek: TRUMP TAX PLAN: 80 PERCENT OF ECONOMIC GAINS WILL END UP GOING TO FOREIGNERS, CBO SAYS
- But 80 percent of the economic growth generated by the Republican tax cuts will eventually go abroad and benefit foreigners, according to a new report by the nonpartisan Congressional Budget Office.
- According to the CBO, on average 34 percent of income from the economic activity driven by the tax cuts is flowing out of the country, and in 2028, when the full effects of the tax cuts are in place, that number will increase to 80 percent.
- An analysis of Fortune 500 companies found that corporations have spent 37 times more on stock buybacks than on American workers’ bonuses and wages.
- At the same time, U.S. deficits are projected to balloon because of the decrease in revenue being collected under the tax cuts. The CBO projects that federal spending will exceed revenues by $804 billion in fiscal year 2018, up from $665 billion in 2017. The national debt is now on track to be 100 percent of GDP by 2028.