Ledger · First term · № 115
Corporate tax cut would raise average household income $4,000
Never delivered“[paraphrase] Cutting the corporate tax rate from 35 percent to 20 percent would raise average household income by $4,000 a year.”
- Promised
- , White House Council of Economic Advisers report
- Re-promised
- 8 times with a fresh deadline
- Topic
- Taxes & deficit
- Era
- First term
What happened
The promised wage gain did not appear. Real hourly wages for production and nonsupervisory workers grew about 1.2 percent in 2018. A Congressional Research Service review found the 2017 law had little measurable effect on wages, and much of the corporate windfall went to share buybacks, which exceeded $800 billion in 2018.