Posted on 12/20/2017 4:52:39 PM PST by springwater13
Expect a stampede of companies handing out bonuses, raising pay, spending on capital projects and giving to charities, with the windfall from the massive corporate tax cuts passed Wednesday.
In the hours after Congress the GOP tax cut plan, a handful of companies jumped to announce plans to share some of the proceeds on their employees and spend on infrastructure. AT&T was first out of the gate, saying it would give more than 200,000 unionized employees a special bonus of $1,000 once the tax bill is signed. The company also said it would increase its capital expenditures by $1 billion.
Both Fifth Third Bancorp and Wells Fargo followed, saying they would raise their minimum wage to $15 an hour. Fifth Third said it would also give workers a bonus, and Wells Fargo said it would give $400 million to community and nonprofit organizations next year.
Comcast, which owns CNBC parent NBC Universal, said it would pay 100,000 frontline and non-executive employees special $1,000 bonuses. The company also said it is making the move because of the FCC's recent change in broadband rules and tax reform. It also said it plans to spend well in excess of $50 billion over the next five years on infrastructure improvements.
"This is exciting stuff. This is good. This is not just a whole bunch of guys saying I can buy back a lot of stock here and jazz up my numbers through financial engineering. This is a bunch of business leaders saying we can use this tax benefit to grow our company, keep our loyal employees and assist the community," said Dick Bove, banking analyst at Vertical Group.
The corporate tax rate is being cut to 21 percent from 35 percent. Bove said banks pay an average 31 percent tax rate.
(Excerpt) Read more at cnbc.com ...
They voluntarily raised the minimum wage to $15 bucks libtards are going to hate that!
The impact of this will be breath-taking. I have the same feeling as when The Gipper was in the White House. America IS great again! This is going to be so hugh the MSM cannot ignore it.
Now is also the time to look for a better paying job. Companies will be hiring new blood.
I'll bet you even money, a hell of a lot of "big" companies are suddenly going to become "very small". My last "raise" in 2017 was twenty cents an hour. The company I work for has 2,100 locations. And its stock price has gone through the roof since DJT was elected. Reading about the companies increasing their minimum wage to fifteen bucks an hour because of the new tax bill makes me laugh. I'll never see that kind of money from my employer. No way in hell.
They may not be paying out bonuses, but they will be staying in business.
True. I work for a company that does student travel. Very narrow customer base.
bs....the same rich people will get more money....the same people.....
I work for one of the largest nonprofit hospital chains....we never get bonuses and never will even though they have a ton of money to name baseball stadiums...I guess I’m not worth it either....
What’s wrong with Green Card holders? It is the legal path to citizenship. We spent 10 years and $15k getting ours. Legally. My son got his citizenship because of his military service. Myself, my wife and other son are eligible for citizenship now after having our Green Cards for 5 years. We work, pay taxes, obey the law, contribute to local charities, help our neighbors when they need it, love America. Why do you want to throw us out?
I’ve seen PhDs forced to train in their replacements; and people who can’t speak or write English covered for by managers where any US citizen who made such a blunder would have been fired on the spot.
My main point is that if you’ve got your Green Card, that is the legal path to citizenship, and why would you want to expel them if they’ve followed the law and gone through the process?
I don't! Welcome and tell your son pgkdan says thank you for his service!
Yes, if you’re well to do and paid $10,000 dollars last year, you may get a $750.00 tax cut.
If you earned $45,000 dollars last year, you may only get a $500.00 tax cut.
I know what you were doing there, and I agree.
That won’t happen until our schools do a better job of preparing young people for the jobs of the future, rather than the jobs of the past, or no jobs at all. Adult education has to happen to retrain all the middle aged people who have retired or gone on SSS because they have no jobs they can do and no hope. This is one reason why the unemployment figures seem so low. So many people have given up looking for work because they no longer have the skills for today’s jobs. Thus hiring a lot of trained foreigners.
Gee, I remember companies trading entire departments in a new technology at company expense. I guess the c-suite’s $1000/hr call girls and multimillion dollar bonuses are more important.
Did you mean trading or training? I think trading is what happens when they ship the department to tech savvy workers in Bangalore, India. I remember when production line workers in some US industries got $50k to $70k annual pay and that was quite a while ago. How much did the greed of motor company executives and severe shrinkage of workers paychecks lead to the economic collapse of Detroit?? You can always overpay your top executive when you can ship the jobs to a cheap labor country.
Training. I hate auto correct (I posted the last post from my phone.)
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