The 2017 Tax Cuts and Jobs Act is a case study of how lawmakers make themselves richer with the bills they pass
When the price of Apple stock hit a then-record high in October 2018, among the shareholders counting their gains were 43 Republicans in Congress, who collectively owned as much as $1.5 million worth of the tech giant’s shares.
Apple’s stock jumped 37 percent in its runup to that record. Several variables were behind the climb, including higher-than-expected earnings. But congressional Republicans themselves had a hand in the spike, stock analysts say. Legislation they championed — the 2017 Tax Cuts and Jobs Act — doled out nearly $150 billion in corporate tax savings in 2018 alone. One effect: a big boost in stock prices.
Cutting tax rates for companies like Apple and hundreds of other stocks they own was one of many ways Republican lawmakers enriched themselves after they passed the tax law, according to a CPI study & GOP financial disclosure forms. Dems also stood to gain from the tax bill, though not one voted for it.
Article submitted by, sheltomlee.