GOP claims a $1.5 trillion corporate tax cut will help working families. But who’s to say corporations won’t just run off with the money? pic.twitter.com/kTsaT1qhtm
— Elizabeth Warren (@SenWarren) November 22, 2017
First off, let’s all just say that this tweet didn’t age well. Not only have corporations not run away with the money; they’ve invested it into the growth of their companies, announced new employee benefit programs, raised employee wages, and given out bonuses! How well does this fit into Warren’s “big bad corporations” narrative? So well that she hasn’t tweeted once about the tax cuts since the day after the bill passed the Senate.
And to talk about someone else’s fear-mongering (*cough cough* Pelosi), this doesn’t sound like “Armageddon” either, as she said it would be. And it definitely doesn’t make sense to paint these wonderful benefits to our economy and American families as “one of the worst bills in the history of the United States of America,” as Pelosi did.
These are examples of the same old fear-mongering/panic-inducing techniques that the Democrats have been using for decades to brainwash the public into believing that everything the GOP does will induce world destroying results. This time it backfired.
The positive results of the tax cuts were nearly instant, with AT&T announcing just hours after the bill passed that it would give out $1,000 bonuses to over 200,000 employees, and increase its capital expenditures budget in the U.S. by over $1 billion. Armageddon, am I right?
So, now that we’ve established that tax reform isn’t going to nose dive the U.S. into oblivion, let’s take a look at some of the corporations running off with their money, like Senator Warren said they’d do:
Aflac: Doubling contribution match for employees’ 401(k).
American Airlines: $1,000 bonuses to 130,000 employees.
Apple: Will invest $350 billion into the U.S. economy over the next 5 years, create 20,000 new employees, & will pay $38 billion in taxes to bring its mass of overseas cash to the U.S.
BancorpSouth Bank: Pay raises to over 70% of employees & $1,000 bonuses to nearly 20% of employees
Bank of America: $1,000 bonuses to 145,000 employees.
BB&T: $1,200 bonuses to 27,000 employees, raised employee minimum wage from $12 to $15, $100 million in charitable donations.
Boeing: $100 million investment in infrastructure and facilities, $100 million investment for workplace development, & $100 million investment in charitable donations.
Capital One: Raising base wage to $15
Comcast: $1,000 bonuses to 100,000 employees.
Disney: $1,000 bonus & investing $50 million into employee education programs.
Exxon: Investing an additional $35 billion in the U.S. over the next five years.
Fifth Third Bank: $1,000 bonuses to 13,500 employees & raised minimum wage to $15.
Fiat Chrysler: $2,000 to 60,000 employees & investing $1 billion in a truck factory in Detroit producing 2,500 new jobs.
Nationwide: $1,000 bonuses to 29,000 employees & will boost 401(k) contribution.
PNC Financial: $1,000 bonuses to 47,500 employees & raising the minimum wage to $15 this year.
Regions Financial Corporation: Base wage increased to $15, $100 million in capital expenditures, $40 million in charitable donations.
Starbucks: Employee raises, $500-$2,000 stock grants, & increasing paternity leave.
Southwest Airlines: $1,000 bonuses to 55,000 employees & $5 million in charitable donations.
U.S. Bancorp: $1,000 bonuses to 60,000 employees, base wage hike to $15, & $150 million in charitable donations.
Visa: Increasing contribution into employee’s 401(k) to 10 percent of base salary.
Walmart: Up to $1,000 bonuses for many employees based on length of time employed (a total of $400 million), increasing starting wage from $9 to $11, expanding maternity and parental leave benefits, creating a new benefit that will give an employee $5,000 if they adopt a child to help cover legal expenses, and possibly lower prices.
Waste Management: $2,000 bonuses to 34,000 employees.
Wells Fargo: Raising base wage to $15, $400 million in charitable donations in 2018, $100 million increased capital investment over the next three years.
For the complete list of companies giving out benefits because of the GOP tax bill, check out Americans for Tax Reform’s website.
Now I don’t know about you, but these bonuses, wage increases, investments, and charitable donations don’t seem like “crumbs” to me, which is what Pelosi considers them when compared to the bonuses the corporations receive. Obviously, the benefits are less than the corporations receive, but to call these benefits “crumbs” is wholly disconnected.
I can guarantee Pelosi that the average middle-class family and those families living paycheck-to-paycheck won’t be considering a $1,000 bonus or a hike in their wages as “crumbs.” They will be celebrating finally having a little money in their wallet after forking out all their money to pay bills and put food on the table for their family, and it won’t be Pelosi that they will be thanking for their “crumbs.”
The worst part about all this? Not a single democrat in the House or the Senate voted for these tax cuts. Even with the prospect of a majority of American families seeing benefits from the new bill, not a single one could vote across party lines.
Oh well, I guess the families that are benefiting from the extra money will know who to thank.
The views expressed in this article are the opinion of the author and do not necessarily reflect those of Lone Conservative staff.