During a Wednesday interview on NBC’s “Today” show, host Savannah Guthrie asked House Speaker Paul Ryan, R.-Wis., if he was “living in a fantasy world” by thinking that the Republican tax reform bill will lead to higher wages and economic growth.
When questioning Ryan, Guthrie quoted former New York City Mayor Michael Bloomberg, an Independent, who wrote in an op-ed earlier this month that such a claim is “pure fantasy.” Bloomberg also called the Republican tax legislation an “economically indefensible blunder that will harm our future.”
“CEOs aren’t waiting on a tax cut to ‘jump-start the economy’ — a favorite phrase of politicians who have never run a company — or to hand out raises,” Bloomberg wrote. “It’s pure fantasy to think that the tax bill will lead to significantly higher wages and growth.”
Guthrie said to Ryan, “I’ll ask you plainly, are you living in a fantasy world?”
Citing a survey from the National Association of Business Manufacturers, Ryan replied, “Surveys would show the vast majority of businesses are going to do just what we say, reinvest in their workers, reinvest in their factories, pay people more money, higher wages.”
— NBC News (@NBCNews) December 20, 2017
The final version of the Republican tax reform bill was passed by the Senate early Wednesday morning. The legislation overhauls the tax code and reduces corporate tax rates, but Democrats and critics claim the bill will primarily benefit the wealthy and corporations.
Conversely, Republicans contend that cutting taxes for corporations will result in businesses reinvesting their savings in their workers by raising wages.
Following a Senate ruling that found two provisions of the House bill did not comply with budget rules, the House will vote on the bill for a second time on Wednesday. If the second House vote is consistent with the first, the legislation will then be sent to President Donald Trump for his signature.
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