Liberal group launches database to track corporations' response to tax law

Liberal group launches database to track corporations' response to tax law
© Greg Nash

A liberal group on Monday launched a website to track how corporations are responding to the new tax law.

The website from Americans for Tax Fairness, called "Trump Tax Cut Truths," contains searchable data about the size of corporations' tax cuts as well as information about bonuses, wage increases, job cuts, new investments and stock buybacks companies have planned following the law's enactment. The database contains information about more than 800 companies.

Americans for Tax Fairness Executive Director Frank Clemente said they launched the website to hold corporations accountable.

“The results are as we warned,” Clemente said, arguing companies and their executives are seeing massive tax cuts “but they are not sharing the wealth.”

The group said it has found that only 4 percent of workers are receiving bonuses and/or wage increases due to the tax cuts and that corporations are spending 37 times as much on stock buybacks than they are on wage increases and bonuses. The group also found that 435 of the Fortune 500 companies have not announced bonuses or wage increases.

The database is being unveiled as Republicans and Democrats are debating the merits of the tax law ahead of the midterm elections. No Democrats voted for the measure when it passed in December.

Republicans have been making the tax law a key part of their campaign messaging, arguing that it will lift people's incomes and boost economic growth. Democrats have been arguing that most of the benefits are going to wealthy individuals and corporations.

Clemente said his group's database will help voters be informed about whether or not politicians' claims about the law are accurate.

“We think that this data is going to be important,” he said.