Report: Scores Of GOP Lawmakers Enriched Themselves With Trump Tax Cuts

Screengrab/ABC News/YouTube

JakeThomas

Dozens of Republican lawmakers stood to benefit financially from the 2017 tax law they helped fashion and pass.

Most Americans perceive President Donald Trump’s 2017 tax cuts as mostly benefiting the wealthy, but a new report reveals that scores of Republican lawmakers personally profited off a law they helped fashion, according to Market Insider.

A joint investigation by the Center for Public Integrity and Vox found that 46 of 47 Republicans “across three congressional committees responsible for drafting the law held stock and stock mutual funds” — and the new tax law would have knocked hundreds of thousands of dollars off their tax bills.

Market Insider noted that while plenty of Democratic lawmakers also stood to benefit from the tax cuts, none voted for the law.

Republicans also argued that the law would boost business investment and lead to higher wages for employees, but their prediction did not play out in reality: “corporations instead used the windfall to buy back stock and raise dividends that lead to more money going to shareholders. Buybacks, which jack up stock prices, exceeded $1 trillion in 2018, the report said.”

That was a boon for dozens of Republican lawmakers as well. Consider the following example: “Forty-three Republicans in Congress held stock in Apple when it posted record gains in October 2018. The value of its stock continues to increase, having recently posted its best performance in share price in a decade.”

Craig Holman of the government watchdog group Public Citizen told the Center for Public Integrity: "They are passing tax laws and legislation that disproportionately favors the wealthy class. And that means they personally benefit from this type of legislation."

More than half of the 435 members of Congress are millionaires, Holman noted.

Read the full report.

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