A new report from the nonpartisan Congressional Research Service reveals the ugly truth about the Republican corporate tax cut bill – that in the time it's been in effect, it has only enriched the wealthiest executives while doing nothing to raise wages for working people.
Instead of providing the benefits that Republicans promised to workers, the bill has triggered a record-breaking amount of stock buybacks – $1 trillion announced by the end of 2018 – maneuvers that only benefited shareholders.
CWA members have seen this firsthand at companies like AT&T, where thousands of workers in the Midwest, Puerto Rico, and in the national AT&T Legacy T unit have been fighting for fair contracts with good benefits that keep good jobs in their communities. AT&T promised to create jobs if Congress passed the Tax Cut and Jobs Act. However, since this tax cut was passed, AT&T has cut more than 23,000 employees and sent thousands of union jobs to low-wage contractors and overseas.