Obama’s Sick Hypocrisy On The Booming Economy Brutally Exposed
164 Companies Give Bonuses, Lower Prices Because of Trump’s Tax Cut – by Brian Thomas at The Federalist Papers
Within weeks of the GOP tax plan’s passage, 164 companies have already announced lowered prices and major bonuses and wage increases for employees.
Tax cuts have allowed corporations big and small to provide better benefits, wages, and bonuses for workers. Liberals have long maintained that businesses won’t use money freed up by the tax cuts to help employees, yet we’re already seeing how wrong they are. Company after company has announced $1,000 to $3,000 bonuses, and this is only the beginning.
The Western Journal reports:
About 60,000 people who work for the car company Fiat Chrysler will get a $2,000 bonus. That comes on top of a $1 billion investment in a new manufacturing plant in Michigan, which should create thousands of jobs.
“It is only proper that our employees share in the savings generated by tax reform and that we openly acknowledge the resulting improvement in the U.S. business environment by investing in our industrial footprint accordingly,” CEO Sergio Marchionne said in a news release.
Multiple major airline companies also said they would provide their employees with sizable bonuses.
According to Jet Blue, 21,000 workers would receive a bonus of $1,000.
American and and Southwest Airlines have both made similar announcements, while citing tax reform as the driving reason. Southwest touted $1,000 bonuses for 55,000 employees, while American said each of its roughly 127,000 workers — with the exception of company officers — would also be getting $1,000.
Moreover, Southwest said it would donate $5 million to charity.
The effects of tax reform have extended to banks as well — including local and worldwide financial institutions.
About 145,000 of Bank of America’s U.S. employees — all of the company’s workers who make no more than $150,000 annually — were set to receive $1,000 bonuses by the end of 2017, according to CEO Brian Moynihan.
Other companies have been saved by the tax cuts from either going out of business or relocating overseas. A major Milwaukee employer, for example, shifted plans after the tax law was passed, now announcing that they’ll be staying in the U.S.
“In Milwaukee alone, we have a big insurance company called Assurant,” Speaker of the House Paul Ryan said during a C-SPAN interview. “A couple of months ago, Assurant said that because of tax laws, they were gonna move to Bermuda and become a Bermuda company instead of an American company. And the agency said now because of the [recently passed] tax law, they’re staying in Milwaukee. They’re staying an American company […] So I think the Democrats are going to regret not having supported this. I think it’s going to do tremendous things for our economy.”
Before the tax reform bill was passed into law, the U.S. corporate tax rate was among the highest in the world; now it’s been lowered from 35 percent to 21 percent thanks to the GOP plan.
Several companies, such as Walmart, PNC, Fifth Third Bankcorp, and Comerica Bank, are raising their company minimum wage, saying the wage hike is a direct result of the tax plan.
The Western Journal continues:
Comerica Bank also said it would give $1,000 to 4,500 of its employees, but that’s not all. Starting pay for those who work at the bank has been increased to $15 an hour.
“This increase in minimum wage and one-time bonus are made possible by the tax reform bill that was passed by the U.S. Congress, then signed by the President on Dec. 22, 2017,” the financial institution said in a news release late last month.
Moreover, Fifth Third Bancorp announced similar bonuses — affecting 13,500 employees — as well as a base pay increase, which the company said will raise wages for almost 3,000 workers who get paid by the hour.
Click here for a list of the 164 companies who’ve announced the employee benefits they’ve extended thanks to the tax plan.
According to the Washington Examiner, that list went from 40 to 164 in just ten days. And it will only continue expanding as time goes on.
We want to thank our good friends at The Federal Papers for permission tor republish this article in it’s entirety.
KEEP UP THE GOOD FIGHT!
TOGETHER WE WILL MAKE AMERICA GREAT AGAIN!
Dean James III% AMERICA’S FREEDOM FIGHTERS
Please like and share on Facebook and Twitter