It’s now very clear that the new tax bill is benefiting rich stock owners, not working and middle class families.
Since the new tax bill’s passage, corporations have spent 37 times more on stock buyback programs than on bonuses and wage hikes for workers. That’s a shame. Why? Because 84% of all stock holdings are possessed by the wealthiest 10% of Americans. These gains have gone almost exclusively to the wealthy.
In 2018, corporations have been spending $4.8 billion a day buying back stocks rather than rewarding the millions of working and middle class people across the country that work for them.
That isn’t right! Neither is NY-23’s entrenched Republican Congressman and Trump enthusiast Tom Reed’s unwavering support for a policy that doesn’t work for working and middle class families.
Reed’s support for the bill was so enthusiastic that he even called out “Hell Yes” during debate after NY-14 Democratic Congressman Joe Crowley declared his opposition.
Well folks….Meet Tom Reed’s new “Hell No.” It’s the spitfire Tracy Mitrano. And she’s ready to go toe-to-toe against him and put people first again.
She’s the real deal
The Democratic Primary is coming up this Tuesday, June 26th. Tracy is a cyber security policy expert and is ready to be a strong voice for health care, job creation, and environmental protection. Join our Movement.
The New York Primary is coming up this Tuesday, June 26th!
Liz Hartman
Deputy Campaign Manager
Sources: https://americansfortaxfairness.org/wp-content/uploads/Trump-Tax-Cuts-Master-Report-4.9.18.pdf; http://www.nber.org/papers/w24085.pdf; https://www.vox.com/policy-and-politics/2018/3/22/17144870/stock-buybacks-republican-tax-cuts