Today, Joint Economic Committee Democrats launched the fifth episode of “Opportunity Agenda,” a podcast that furthers the conversation on how to build an economic future where all American families have a fair shot at getting ahead. Episode 5, “Examining the GOP Tax Scam on Tax Day,” includes a discussion of how the Republican tax law disproportionately benefits executives and wealthy shareholders instead of helping those most in need.

WASHINGTON, D.C. – U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee, delivered the following statement at today’s hearing entitled, “Unleashing America’s Economic Potential,” that focused on the effects of the Republican tax law and critical federal oversight. In his remarks, Senator Heinrich emphasized the damage the tax legislation and the Trump administration’s reversal of key consumer, worker, environmental protections will cause American families.

Women in the U.S. still experience a major gender wage gap, 55 years after the Equal Pay Act was passed, Business Insider reports. On average, American women earn 80 cents for every dollar their male counterparts earn, according to a report by the Senate Joint Economic Committee Democratic Staff. Their annual earnings are roughly $10,500 less than men. Women also make less than men regardless the educational difference between the two, per the report. “A woman with a graduate degree earns $5,000 less than a man with a bachelor’s degree,” the report says.

The report, “Real Action is Needed to Give American Workers the Raise They Deserve,” highlights that the real hourly wage for the median worker has only grown less than 0.2 percentage point per year on average since 1979. The Republican tax law does little to solve this problem, with 99.2 percent of the benefits going to the top 5 percent of households once it is fully implemented. Instead of leading to broadly shared wage gains, the tax bill is likely to exacerbate the trends we are already seeing.