Corporate Tax Cuts Don't Mean More Jobs

Corporate Tax Cuts Don't Mean More Jobs:

"America’s 92 most consistently profitable tax-dodging firms registered median jobgrowth of negative 1 percent between 2008 and 2016. The job growth rate over those same years among U.S. private sector firms as a whole: 6 percent. More than half of the 92 tax-avoiders, 48 firms in all, eliminated jobs between 2008 and 2016, downsizing by a combined total of 483,000 positions Average CEO pay among the 92 firms rose 18 percent, to $13.4 million in real terms, between 2008 and 2016, compared to a 13 percent increase among S&P 500 CEOs. U.S. private sector worker pay increased by only 4 percent during this period. CEOs at the 48 job-slashing companies within our 92-firm sample pocketed even larger paychecks. In 2016 they made $14.9 million on average, 14 percent more than the $13.1 million for typical S&P 500 CEOs. The report goes on to provide much more evidence debunking the tantalizing claim that more tax cuts for business translate into more jobs. Take Secretary of State Rex Tillerson, for example, who, during his tenure at ExxonMobil, received a sizeable raise just as the corporation dodged its taxes and reduced jobs: The oil giant paid an effective tax rate of only 13.6 percent during the 2008-2015 period, at the same time cutting more than a third of its global workforce (the company does not reveal U.S. jobs data). After pumping nearly $146 billion into stock buybacks, Exxon CEO Rex Tillerson, now the U.S. secretary of state, took home $27.4 million in total compensation in 2016, 22 percent more than he collected in 2008."