May 28,2019

Wyden Statement on Congressional Research Service Report on Republican Tax Cuts

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today released the following statement on the Congressional Research Service’s recent report on the effects of the Republican tax cuts:

“A new report from the Congressional Research Service again shows the Republican tax cuts failed to fulfill their promises.

“Republicans made three unbelievable claims about their bill: It would pay for itself, raise wages by $4,000 and jumpstart investment in the United States. In fact, the tax cuts are paying for just 5% of their cost—not 100%. Workers did not see a significant wage increase—the tax cuts largely paid for stock buybacks that push CEO compensation even higher. And, the tax cuts have had a negligible effect on investment in the United States.

“Republicans tried to sell the American people a bill of goods to justify hundreds of billions of giveaways for corporations and the wealthy.”