Washington, D.C. – Senate Finance Committee Ranking Member Sen. Ron Wyden, today released a Senate Finance Committee report that explores how Trump’s tax changes rewards multinational corporations, not workers, which will lead to fewer jobs here at home. The report reveals false claims made by Republicans and Trump, and lists tactics multinational corporations will use to artificially lower their tax bills and shift profits overseas.
“Donald Trump and Congressional Republicans continue to peddle the false promises outlined in this tax scam report” Wyden said. “Republicans promised $4,000 wage increases and claimed the top priority of their tax law was promoting jobs in the United States. Their new international tax regime instead rewards companies for investing overseas while hardworking Americans watch their wages fall.
The report, Trump Tax Law and International Tax: More Complexity, Loopholes and Incentives to Ship Jobs Offshore, focuses on five areas of the new international title in Trump’s tax “reform.” It shows how the tax law creates new loopholes for corporations to exploit; encourages corporations to ship jobs overseas; makes the tax code more complicated; and rewards bad actors while punishing companies that didn’t abuse the system.
“Jobs will leave Main Street for Europe and Singapore and families will have fewer and fewer dollars to pay the bills here at home,” Wyden continued.
Yesterday the Bureau of Labor Statistics released data showing that wages are not increasing when adjusted to rising inflation.
A full copy of the report can be found here.