Told-ya-so dud: According to the BLS, Trump’s tax cuts resulted in “big bonuses” for average workers of 1 cent more in 2018 than 2017

The Tax Cuts and Jobs Act of 2017 was primarily about saving corporations billions, but, of course, Donald Trump and the G.O.P couldn’t sell the legislation on the slogan “Google needs more money.“ Instead, they claimed that the bill was really about the middle class, whose lives (and bank accounts) would inevitably be improved when these magnanimous companies shared the wealth not only with top executives and shareholders, but with average workers. More than a year after the passage of the historically unpopular law, the White House continues to embrace this trickle-down fantasy, declaring in a “fact sheet” released yesterday titled “American Workers Are Thriving Thanks To President Donald J. Trump’s Middle Class Tax Cuts” that the T.C.J.A. has resulted in “big bonuses.” And by big, they mean, on average, a penny.

According to the Economic Policy Institute’s Larry Mishel, data from the Bureau of Labor Statistics’ Employer Costs for Employee Compensation shows that “bonuses actually fell $0.22 between December 2017 and December 2018 and the average bonus for 2018 was just $0.01 higher than in 2017.” …

Anyway, enjoy that penny—don’t spend it all in one place! [Source]