We’ve written before how the benefits of Trump’s 2017 tax cut flowed mostly to the rich. Now we have some new numbers and one startling example. “In the 2017 fiscal year, FedEx owed more than $1.5 billion in taxes. The next year, it owed nothing. What changed was the Trump administration’s tax cut…” NYTimes
A New York Times analysis of data compiled by Capital IQ shows no statistically meaningful relationship between the size of the tax cut that companies and industries received and the investments they made. If anything, the companies that received the biggest tax cuts increased their capital investment by less, on average, than companies that got smaller cuts.
Are you better off than you were 3 years ago? Big corporations certainly are. In spite of promises to reinvest their tax benefits to create more jobs, little has happened to benefit the average American.