Wells Fargo CEO Inadvertently Admits GOP Tax Cuts Won't Help Workers

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The Republican tax bill is a scam that will benefit corporations and big banks, leaving the average middle and working class Americans high and dry.

Close-up of Wells Fargo CEO Tim Sloan

The House of Representatives has passed the final version of the GOP tax bill, and the Senate is next to vote, however, the bill is being exposed as one big sham.

According to CNN Money, Wells Fargo CEO Tim Sloan essentially revealed that his plans for the tax cut that his company would get under the new bill would not help the average American worker.

“Is it our goal to increase return to our shareholders, and do we have an excess amount of capital? The answer to both is, yes,” Sloan told CNN Money. “So our expectation should be that we will continue to increase our dividend and our share buybacks next year, and the year after that, and the year after that.”

The GOP has been parading this trickle-down economics strategy to argue in favor of the proposed bill. Proponents of the legislation argue that when corporations get tax cuts, they put that extra money toward raising wages and creating more jobs.

However, Sloan’s statements confirm that won’t be the case for many corporations.

The notion that cutting corporate taxes will spark economic growth has been debunked time and time again, yet Republicans keep peddling this pipe dream because it aligns with their own interests.

ThinkProgress notes that with the start-up culture thriving right now, corporations are more likely to invest in research and automation to keep up with them or give a larger chunk of the pie to their shareholders, and neither of those actions is known to advance job growth.

Additionally, passing this bill just further proves this administration is apathetic to what the public wants. The results of a CNN poll found that just 33 percent of Americans said they support the GOP tax bill, while a whopping 55 percent are opposed to it. What’s worse is that 66 percent of Americans said they believe the legislation favors the wealthy. 

All of President Donald Trump's "America first" and "Make America Great Again" talk is proving to be nothing but baloney. 

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