So, just one year in and not only are the majority of businesses saying they haven’t done anything except likely increase bonuses, stock dividends and stock buy backs, but now a lot of them are suggesting further slow downs in spending after a sharp cut already in the 3rd quarter of 2018.
Are there any sane Trumpsters/republicans out there, ha ha ha… as if, that will now look at this and get off the “Tax cuts fix everything and make everything better” bus?
I know, I know… let’s just ignore the overall number and celebrate the YUUGE number of 50 percent that increased investment from the good producing sector.
So is that it? Is this everything you were all dreaming about when the big tax cuts kicked in for corporations and the wealthy?
None of that matters. For certain people, regressive tax cuts are a positive good, on their own. That’s the point. Forget all the terrible, bad-faith arguments that accompany these policies: it’s just noise.
Below is a list of S&P 500 companies that have announced bonuses, wage increases or other special investments based on the lower tax rate.
The list in this article was just the BIG companies that made announcements. Thousands of smaller companies made announcements of doing the same. From bonues, to increase in wages, to better bennefits, to investment in the company to help long term, to a combination of all the above.
Not to mention that most utility companies put a credit on customer bills before they were legally required to. Some companies even passed on savings to customers (example my car insurance went DOWN – And they sent a note along with my new bill saying it was due to the tax cut).
many companies made decisions without knowing what their financial situation would like like a full year after the tax cut (remember it was in December for the tax year starting Jan 1 2017).
Now companies will get a good look at how it effected them, their bottom line, and what they might be able to do.
But yea, lets just ignore all the companies that announced early and fast about bonuses, wage increases, additional bennefits and all that.
Not to mention as much of that was investigated, it was found that most of it if not all had already been included in the companies budgets. They just dressed it up and attributed it to the tax cuts to make the tweeter in chief happy.
But less than a year in they are all cutting back spending and planning further cuts. Yeah, them tax cuts are really saving us all.
Nonsense. This tax cut was sold on the promise that it would lead to increased investment and higher wages for working people. Anyone who understood economics, history or how business works, knew that this was bunk, but that certainly was how the Republican Party and President Trump sold the tax bill.
You cannot find a quote from any of the bill’s supporters saying the new rates will make the rich richer. What you might find is the phony supply side promise that lower tax rates on wealthy earners (the so-called job creators) leads to investment and through that to job creation.
This promise has been used repeatedly since the 1980’s and never comes true. Nevertheless, a substantial number of Americans fall for it over and over again. Or maybe until now, when 70% of the public support increasing taxes on those earning over $2M.
