Sen. Baldwin insists fed tax changes giveaway for rich and no good for Wisconsin’s middle class

Skepticism is running to extreme lengths for those opposed to the hastily concocted Trump republican tax bill in Washington.

Wisconsin Democratic Senator Tammy Baldwin isn’t buying any of what’s being sold on the tax overhaul.

“This is a really big giveaway to the wealthiest few — big corporations and Wall Street banks — while hard-working families and middle class families will ultimately face tax hikes.”

Tax hikes that will come, says Baldwin, because individual tax cuts will eventually expire, while the 40-percent tax cut to corporations is permanent.

Baldwin is not buying the idea that corporations will start adding jobs and increasing wages just because they’re getting a giant tax cut.

“We’ve tried trickle-down economics a number of times before,” Baldwin said. “Regrettably, we have not seen job growth or wage growth the way it was predicted or hoped for.”

Baldwin, who voted against the tax bill, says corporations will simply continue to use the tax windfall to do what they’re currently doing — paying shareholders bigger dividends and buying back stock.

Bloomberg wrote that “Pfizer Inc., for example, had already committed to buying back $6.4 billion worth of its shares. The company announced Monday that its board had authorized an additional $10 billion buyback, plus a 6 percent hike in its dividend, according to FiercePharma, an online trade publication. The news was directly linked to the new tax bill.”

Senate Democrats compiled a list of 29 companies that announced close to $70 billion in buybacks.

In 2 weeks since @SenateGOP passed #GOPTaxScam big corporations announced $70+ Billion in stock buybacks – a clear signal the bill is just a massive giveaway to the wealthy & biggest corporations: https://t.co/9gPwalPV6G pic.twitter.com/SDg4IIEz0v

— Senate Democrats (@SenateDems) December 18, 2017