Since taking office, and with the help of Congressional Republicans, President Trump has been on a mission to sabotage the Affordable Care Act (ACA) marketplaces. Most notably, the administration ended cost sharing reduction (CSR) payments, which helped reduce customer premiums. The results of this sabotage are in: Americans in every state are paying more for health care as a direct cause of these actions. On average, premiums before tax credits on ACA marketplaces are $960 more this year because of these actions – more than wiping out the average tax savings that families earning under $75,000 received from the recent tax cuts.
Republicans have misleadingly claimed that the new tax law is aimed at the middle class, by boosting wages through corporate tax cuts. They have highlighted a few companies that have announced bonuses or raises since the tax cuts were enacted as evidence that the new law is already helping American workers. But a look at the overall data shows that wage growth has not substantially changed since the passage of the law. In March, average hourly earnings for production and nonsupervisory workers (a good proxy for the median worker) were 2.4 percent higher than one year ago, a growth rate that has been hit repeatedly in recent years.
Mar 23 2018
America Can’t Afford Gun Violence
Gun violence injuries, including self-inflicted gunshots, are among the five leading causes of death for individuals ages 1 to 64 in the United States. On average, 96 Americans are killed each day with guns. In fact, gun-related deaths outpace motor vehicle deaths in 21 states and the District of Columbia. Tragedy after tragedy, we are reminded of the devastating impact that gun violence has on American lives, and that the cost implications of gun violence go beyond the tragic loss of life. From health care costs to lost wages, gun violence has a negative impact on the U.S. economy.
Republicans touted their GOP tax scam as a boon for small businesses, but it ended up handing large corporations a 40 percent tax cut while leaving small businesses with a new set of compliance challenges.
Across the nation, access to high-speed internet continues to expand. But millions of homes still lack access, and these gaps vary widely regionally. In 22 states, at least 10 percent of residents have no high-speed options. In 6 states—Alaska, Arkansas, Mississippi, Montana, Oklahoma, and Wyoming—more than 1 in 5 residents lack access. Rural areas in particular lag behind, as 23 million rural residents still lack access to high-speed broadband. Access rates for all 50 states and the District of Columbia are available in the JEC’s latest state economic snapshots.
Mar 13 2018
Evidence Mounts Against GOP Tax Scam
Republicans have promised again and again that the corporate tax cuts they just passed would lead to wage increases for workers. So far, that’s not happening. And history suggests it won’t.
Mar 12 2018
Senate Democrats Release Infrastructure Proposal
Senate Democrats released an infrastructure proposal that would help repair and modernize the nation’s deteriorating infrastructure systems. Included in the plan is $140 billion to shore up the Highway Trust Fund (HTF). The Trump administration, on the other hand, has proposed an infrastructure plan that will generate little to no new infrastructure spending, and a budget that would cut $122 billion in HTF spending. This would result in vital highway and transit projects across the country going unfunded or being delayed, and the nation’s infrastructure falling further into disrepair.
Just 10 years after the worst financial crisis in over a century, the Senate is considering a bill that would dramatically roll back important market protections on our nation’s largest banks. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) would undo many of the safeguards put in place under Dodd-Frank, threatening to once again leave Main Street on the hook for poor decisions on Wall Street.
Warren Buffett’s annual letter to shareholders disclosed that Berkshire Hathaway reaped a massive gain as a result of the Republican tax reform passed in December. As Buffett wrote, “a large portion of our gain did not come from anything we accomplished at Berkshire.” Rather, $29 billion was handed out to Berkshire Hathaway, a large, highly successful investment company that hardly needs the help.
Most companies that have made announcements on how they are using their tax savings are planning to pass those savings directly to shareholders in the form of stock buybacks or dividends, according to new nonpartisan research. Two thirds of the companies surveyed will use at least 75 percent of their savings to boost stock buybacks and dividends. In total, the research shows that companies plan to use 58 percent of their tax savings on these stock boosting moves, compared with 6 percent being passed to workers in the form of higher wages, one-time bonuses, higher benefits, or worker training.