From Jon Perr at PERRspectives:
The May 2012 update to a 2008 Bush administration assessment concluded that 82 percent of the benefits of a corporate tax cut would go to capital and only 18 percent to labor. That forecast wasn’t just a damning indictment of the $1 trillion corporate tax cut from 35 to 21 percent at the heart of the GOP’s $1.5 trillion, 10-year plan. That predicted windfall for wealthy shareholders also made a mockery of the comical claims by Trump administration mouthpieces like Treasury Secretary Steven Mnuchin that workers would win big:
On Fox News, Mnuchin claimed that “most economists believe that over 70 percent of corporate taxes are paid for by the workers.” At an event in Kentucky, he declared that “over 80 percent of business taxes is borne by the worker.”
Mnuchin’s tall tale wasn’t just well outside the consensus of most economists and the nonpartisan Joint Committee on Taxation. Two months into the new tax regime, a survey by Morgan Stanley found that “only 13% of companies’ tax cut savings will go to pay raises, bonuses and employee benefits” while “43% will go to investors in the form of stock buybacks and dividends.”