Update – AT&T has announced that they will be laying off more than a thousand workers by early 2018. 600 workers in the Midwest have already been notified of their pending layoffs.
Rich people and corporations are excited about all of the money they will get to keep, they are practically trying to hand out money bags this holiday season. On Today, in a vote of 224-201, the House joined the senate in passing the GOP Tax Reform Bill. This is truly a celebration for the wealthy, who are set to gain from the changes in individual and corporate taxes. Unfortunately, the normal working guy will end up paying more in taxes in the long run.
Corporations (you may have noticed a change in atmosphere at your jobs lately) are set to enjoy the fruits of this windfall. Once this legislation has passed and their corporate tax responsibilities are decreased from 35% to 21%, these companies are set to save billions of dollars each year. Well some of the companies have decided that they will pass some of these saving down to the little guys. Also, these bonuses are separate from any previous agreements, so if employees were scheduled to receive their regular yearly bonuses, now they can expect to receive two payments.
Today AT&T announced that if President Trump signs the bill before Christmas, they will be giving $1,000 bonuses to over 200,000 employees. CEO Randall Stephenson said in a statement today:
“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. 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.”
Sen. Orrin Hatch: We’re all benefitting from Trump as a leader from CNBC.
After AT&T made this announcement, Comcast NBCUniversal decided they would also be handing out $1,000 bonuses to over 100,000 employees once Trump has signed and made the tax reform official. Also following a similar commitment made by AT&T, Comcast also plans to spend money to improve its broadband plants, increase tv and film production, and expand theme parks; they are looking to spend about $50 billion over the next five years in growth and expansion projects – meaning, more jobs for the little guys.
In what many are predicting to be a trend, Wells Fargo also committed today to increase their minimum hourly wage to $15 per hour. Fifth Third Bankcorp has committed to 13,500 bonuses and increasing minimum wage to $15 per hour.
We would urge many workers that despite the kind gesture, many of those who are not wealthy will see a decrease in their taxes in the long run, according to experts who have studied the tax plan. Also, even with the minimum wage increase, at many of these rates, you will be making more just so the government can take more out of your pockets. Doesn’t exactly sound like a win-win.
Companies and gearing up to see billions in savings, and they are gearing up for growth and expansion in the coming years. If you’re the little guy right now, you should be gearing up to pay attention to the major decisions being made within your company. You should also map out your own growth and expansion plan for yourself. Take advantage of the opportunities that will come with this new tax plan, and make sure that when some of the wealth trickles down, you are there to catch your small piece. Now, go be smart and prosper.
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