It didn’t take much time at all for some corporations to to force feed Democrats some crow in regards to the latter’s claims that the recently passed historic tax cuts would only benefit the wealthy, and that breaks for corporations wold never result in benefits for workers.
AT&T and Comcast were quick to announce that, with the implementation of tax reform, they will be offering $1,000 bonuses to their workers and increasing their capital spending plans.
The ‘Big Bell’ said they’d spend an extra $1 billion in capital because of tax reform.
For the same reason, Wells Fargo announced an increase in its minimum hourly pay rate to $15.00 per hour from $13.50.
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Another bank, Fifth Third, is also raising its minimum hourly wage to $15.00 and will give a $1,000 bonus to more than 13,500 employees.
In bit of irony, at nearly the same time as the announcement from AT&T, New York liberal and Senate Minority Leader Chuck Schumer was attacking the idea of ‘trickle down’ economics and claiming that companies would not pass along their savings, calling AT&T out by name.
“I love the example of AT&T. Over the last ten years, AT&T has paid an average tax rate of eight percent a year. They have 80,000 fewer employees today than they had then.”
“Tax breaks don’t lead to job creation. They lead to big CEO salaries and money for the very, very wealthy.”
After making Schumer look quite stupid – an easy feat – by simultaneously announcing their employee bonuses, the iconic American company responded to the content of his comments and then promptly dropped the mic.
“Congress, working closely with the president, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,” said Randall Stephenson, AT&T chairman and CEO. “This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees.”
“Since 2012, AT&T has invested more in the United States than any other public company,” the company added. “Every $1 billion in capital invested in the telecom industry creates about 7,000 jobs for American workers, research shows.”
And the announcements didn’t stop there.
“Boeing also announced $300 million in employee-related spending and charitable donations. FedEx, when it announced earnings, said it expects U.S. GDP could increase materially next year as a result of tax reform. It said it would likely then increase its capital expenditures and hire to accommodate the additional volumes triggered by higher growth.”
This is less than 48 hours after the tax bill was passed by congress. Expect more announcements of this kind in the future, and bet on the Left stubbornly holding to the lie that tax cuts are some bait and switch tactic to keep the working man down and enrich the wealthy.
Democrats are running scared and trying to sell their fear to Americans because they aren’t sure how to react to so much winning.