The Republican tax cuts of 2017, touted as rocket fuel for the American economy, have failed to spur investment or development in any meaningful way, argues Jeff Spross of The Week. Stock buybacks and payout for shareholders were the main result. The corporate world has demonstrated for years that stock buybacks funnel wealth to the rich instead of trickling down to workers. New investment has grown at the same rate it was before the tax breaks, showing that they had little to no effect. Wages are also barely affected. A Politico poll found that only 25% of people saw their paychecks go up. The tax plan was a waste.
The GOP’s tax reform has increased investment in areas that benefit the common American, assert Senators Tim Scott and Marco Rubi in The Miami Herald. For instance, 8.6 million people that earn under $50,000 saw their taxes go down. Families stand to benefit from the Child Tax Credit, which allows them to save more for their kids. The Investing In Opportunity Act is also crucial; it focuses on low-income areas, prioritizing helping people over making profit. It furthers small businesses, entrepreneurs, rebuilds infrastructure and even offers better internet connection. This kind of investment is exactly what the country and its economy need.