GOP Says Tax Scam 'Works', Reality Proves Otherwise
ABC News: Walmart boosts starting pay, closing dozens of Sam's Clubs
Washington Post: Trump is eager to claim credit for Apple moves. But it's a bit more complicated.
Indy Star: AT&T, touting bonuses and investment fueled by tax reform, quietly lays off thousands
The Hill: Carrier laying off 215 employees as part of move to Mexico despite Trump deal
Street Insider: Allergan (AGN) to eliminate over 1,000 currently filled positions, 400 open positions
In fact, according to CNBC –
CNBC: Few large US companies say they'll use tax savings to boost wages, CNBC survey finds
Despite a handful of high-profile announcements, the recent cuts in corporate taxes haven't yet had a meaningful impact on American companies' plans to boost investment or raise workers' pay, a CNBC survey of large companies found.
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The Trump administration has estimated that the average American worker could see their annual wages grow by $4,000 as a result of the drop in corporate taxes.
So far, however, those pay increases have been few and far between. With a few exceptions, companies that have announced specific plans are offering one-time bonuses in place of permanent wage increases.
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Only 10 companies in the S&P 100 contacted by CNBC said they have specific plans to use some of the money saved from the corporate tax cuts to boost worker pay or invest in facilities or charitable causes.
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Dozens of other large companies have also announced specific plans to pay bonuses. But collectively, they represent a tiny portion of the American workforce.
It's also unclear how smaller employers will deploy any savings from the new tax law. Roughly half of all American workers are employed by companies with payrolls of fewer than 500 workers, according to the Small Business Administration.
Proponents of the tax law argue that lower taxes will help smaller companies boost wages as they compete to hire workers in a tight labor market. Yet some economists, including Joel Naroff, chief economist at Naroff Economic Advisors, doubt that most small businesses will see a big enough windfall to pass those savings along to workers.
"That means the bonus and minimum wage announcements make for good PR, but not necessarily strong income gains for workers," he said.
The GOP tax scam breaks one Republican promise after another – selling the future of workers, seniors and the middle class to pad the pockets of big corporations.