By Sahid Fawaz
The “trickle down” appears to be missing most workers.
“Two percent of U.S. adults said they had gotten a raise, bonus or other additional benefits due to the Republican tax law enacted a month ago by President Donald Trump, according to a Reuters/Ipsos poll released on Monday.
Hailed by Republicans as a boost for the middle class, the law is expected to be framed as a win by Trump in his State of the Union address on Tuesday and to be a key theme for both parties headed into November’s congressional elections.
While the Internal Revenue Service implements the law, Republicans in the U.S. Congress have been praising businesses, such as Wal-Mart and JPMorgan Chase, for announcing wage and benefit increases in response to the tax plan.
The full impact of the law will not be known for some time. Businesses’ and individuals’ 2017 tax returns will not be directly affected. Returns for 2018, when the law takes effect, will not be filed until 2019.
But the Reuters/Ipsos online poll of 5,254 adults done Jan. 12 to 23 offers insights into public perceptions of the law, which is expected to shape the 2018 midterm elections when all 435 House of Representatives seats and a third of 100 Senate seats will be up for grabs.
About 58 percent of U.S. adults surveyed said that large U.S. corporations or wealthy Americans stand to benefit most from the tax legislation. Just 13 percent said the middle class will benefit the most, the poll showed.”
For the rest of the story, check out the CNBC article here.