(National Sentinel) Sen. Grinch: On Wednesday Walmart Stores became the latest major U.S. corporation to announce pay raises and bonuses for employees, thanks to the recent tax cut and reform package passed by Republicans and President Donald J. Trump.
“As of this morning before we got the Walmart announcement, 1,039,000 Americans were going to get a bonus. Now it’s 2,039,000 Americans will get a bonus,” Fox Business host Stuart Varney reported.
“Clearly it’s employees and customers who are getting the benefit as well. By the way, before we got the Walmart announcement we had Waste Management chiming in with $2,000 bonuses for 34,000 employees.”
The round of bonuses and pay increases following the passage of the tax reform legislation began with AT&T expanding its bonus program to an additional 200,000 staffers getting $1,000 apiece, WorldNetDaily reported.
Next came Boeing, which announced a gift of $300 million in investment in its employee-related charitable program “to support our heroes, our homes and our future.”
Wells Fargo and Fifth Third Bancorp then announced they would raise their minimum wage to $15 in the New Year, with Fifth Third kicking in an additional bonus of $1,000 to 13,000 employees.
There have been others; Walmart is just the latest [see the complete list here].
But Sen. Elizabeth Warren, D-Mass., thinks that the tax reform law is an “unfair giveaway” to corporations and believes the law should be changed.
“We’ve got to change it. You got to take out the parts that are giant giveaways… It’s a trillion dollars that the Republicans gave away to billionaires and giant corporations,” she said this week.
Critics of Warren and Democrats — none of whom supported the tax reform legislation — say their claims of ‘trillion-dollar giveaways’ are inaccurate because money earned by corporations, businesses and American workers is theirs to begin with.
Government, they say, should tax only at a level necessary to sustain services and perform constitutional functions like defense. And, they note, American corporations, in particular, were taxed at the highest rate in the developed world before the reform bill passed.
Also, Democrats fail to mention that the tax reform law provides cuts to more than 85 percent of Americans, critics note.
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