“There are 20 years of data showing trickle-down economics doesn’t work, yet today will still be a whole lot of revisionist history and wishful thinking on the singular largest failure of fiscal policy in recent memory,” said Rep. Richard Neal.

As House Republicans prepare for Donald Trump’s possible White House return by plotting to expand the billionaire and corporate tax cuts that were the cornerstone of the former president’s first administration, congressional Democrats and advocates for working Americans warned Thursday that a second Trump term would bring more of the same inequality-exacerbating policies.

The GOP-controlled House Ways and Means Committee held a hearing Thursday on “expanding the success” of the 2017 Tax Cuts and Jobs Act (TCJA)—widely derided by opponents as the “GOP Tax Scam.” Republican committee members couched a policy that the Center for Popular Democracy said “delivered big benefits to the rich and corporations but nearly none for working families” as “relief to help hardworking American families.”

Rep. Richard Neal (D-Mass.), the committee’s ranking member, pushed back during Thursday’s hearing, noting that “in the last three decades, Republicans have skyrocketed the deficit with trillions in tax cuts for billionaires and big corporations, always with the same result: the top 1% benefits while nothing trickles down for workers.”

Neal continued:

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]In 2017, Ways and Means Democrats saw the GOP corporate tax giveaway for what it was: a scam. We knew that their Tax Scam would disproportionately benefit the wealthy and well-connected. We knew that it wouldn’t pay for itself. We knew that big corporations, not their workers, would feel the most benefit. Six years since the GOP Tax Scam was signed into law, we’ve been proven right on every count. It didn’t pay for itself, it didn’t increase revenue, and it didn’t increase wages.

A recent study whose authors included [Joint Committee on Taxation] economists—let that sink in—found that ALL of the corporate gains from TCJA went to shareholders and high-paid executives, with absolutely nothing flowing to workers. Fifty-six percent of the tax cuts enriched shareholders, and the remaining 44% lined the pockets of execs. Zero percent went to workers. ZERO![/perfectpullquote]

“There are 20 years of data showing trickle-down economics doesn’t work, yet today will still be a whole lot of revisionist history and wishful thinking on the singular largest failure of fiscal policy in recent memory,” Neal added. “If workers and the middle class are actually your priorities, putting them ahead of big corporations and billionaires is the only way.”

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