Bank of America’s chief economist refutes Trump on corporate tax cuts and wages

Today, Bank of America Merrill Lynch’s chief economist confirmed that the empty promises Donald Trump and Republicans made about wasteful new tax cuts for corporations “trickling down” to the middle class in the form of higher salaries and wages are untrue, telling the Associated Press, “The bulk of the corporate tax cuts should accrue to people who hold stock in companies…Workers benefit much more from a cut in taxes on ordinary income. In other words, better to get a direct cut than a spillover from cuts to others.”

This comes as evidence mounts that, as Fortune 500 CEOs announced many times over even before the Republican tax plan was passed, and as history demonstrates, companies will use these tax cuts to pay their shareholders more – not to raise wages and salaries for workers.

“Donald Trump and Republicans in Congress are struggling as they fight against the tide to persuade the American people that the massive tax giveaway they just passed for the wealthy and corporations will somehow – this time – not sell out the American middle class as it blows a $1.8 trillion hole in the deficit and raises healthcare costs across the country,” said American Bridge spokesperson Andrew Bates. “The public is too smart to buy this trickle-down scam. Trump and the congressional Republicans who rubber-stamped this travesty can’t hide behind bonuses that are the exception – not the rule. They will be held accountable.”

Last month, Donald Trump and Republicans forced the most unpopular tax plan in decades down the country’s throat, falsely claiming that despite all of the signs to the contrary, new tax cuts for corporations and the wealthy would “trickle down” to the middle class Americans that Trump promised a new day to.