Republican lawmakers personally made millions from their giant tax cut: report
Written by Alex Henderson January 24, 2020
Although the Tax Cuts and Jobs Act of 2017 did precious little to reduce the tax burden of middle-class Americans, it has been great for millionaires. And according to Peter Cary of the Center for Public Integrity, that includes many of the Republican senators and House members who rammed it through Congress.
Discussing the Center’s analysis of the 2017 law in an article for Vox this week, Cary explains: “Cutting tax rates for companies like Apple and hundreds of other stocks they own was one of many ways Republican lawmakers enriched themselves after they passed the tax law…. Democrats also stood to gain from the tax bill, though not one voted for it. All but 12 Republicans voted for the tax bill.”
After the Tax Cuts and Jobs Act was passed, Cary explains, stock shares increased in price. Dividends were raised — and many of the Republicans in Congress who voted for the law just happened to own stock in the companies that paid higher dividends.
https://www.alternet.org/2020/01/republican-lawmakers-personally-made-millions-from-their-giant-tax-cut-report/
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