You’ve probably heard how generous Walmart has been with its tax cut, raising the minimum wage it pays workers and giving them a bonus, thanks to Trump’s wonderful tax cut. The wage raise cost the company $300 million. The bonuses cost about $400 million. Walmart plans to use the rest of its tax cut to buy back company-issued debt. That will cost much of the rest of its tax cut–about $4 BILLION.
Apple’s bonuses will cost about $300 million. Its savings from just one provision in the law will net it $40 BILLION.
Barely one in five companies will give any of their windfall to workers. Trump has gotten some great P.R. out of the few bonuses, but the workforce has basically gotten bupkis.
Information for this post was taken from “Tax-Law Bonuses Veil a Bonanza for Companies” by Jim Tankersley, New York Times, (Jan. 23, 2018), pp. 1, 13.
No comments:
Post a Comment