Only a small slice of corporate America has shared tax savings with workers so far

[DonViejo]

Only a small slice of corporate America has shared tax savings with workers so far

by Matt Egan @MattEganCNN

January 2, 2018: 4:45 PM ET

President Trump has cheered corporations "showering their workers with bonuses" thanks to the tax overhaul he just signed into law.

Trump tweeted on Tuesday that "companies are giving big bonuses to their workers because of the Tax Cut Bill." He added, "Really great!"

The president is right: Companies poised to cash in on the tax cuts, such as AT&T, Bank of America (BAC), Comcast (CMCSA) and Wells Fargo, have announced one-time bonuses and pay raises. It's terrific news for employees, especially those struggling with years of disappointing wage increases.

U.S. Bancorp (USB) and Zions Bancorp (ZBPRA) on Tuesday became the latest big companies to unveil $1,000 special bonuses and pay raises. Regions Financial (RF) announced Tuesday it was raising it minimum wage to $15 per hour. But despite the political rhetoric, only a small fraction of corporate America has decided to share the tax bonanza directly with workers, at least so far.

According to the White House's own compilation and more recent announcements, only 16 companies in the S&P 500 have responded to the tax overhaul by raising wages, handing out bonuses or improving employee benefits. If smaller companies such as GoDaddy (GDDY) and Sinclair Broadcasting (SBGI) are included, the list expands to about four dozen.

more
http://money.cnn.com/2018/01/02/investing/tax-cuts-bonus-trump/index.html?iid=hp-stack-dom

[Eliot Rosewater]

1. Not even one penny in reality, such a TINY TEENSY amount it is disgraceful to

say they have shared ANY at all.

They dont share, never have, never will.

[Igel]

2. Two things.

1. It's highly likely most of those who gave out bonuses because of "tax savings" didn't. At best, perhaps, they thought that tax savings might provide a cushion against the losses against profit that the bonuses might produce. But don't hold your breath for that to be shown to be correct.

2. It's day 2 of the tax savings for 2018. The bonuses were posted against 2017 income. It's like saying, "You'll be getting a raise for 2018" and before you see the first paycheck you've already spent $500 of that raise.

3. (Not included because it's trivial.) Trump likes hyperbole. He worships at the altar of Hyperbole. He engages in it every chance he gets. If it's not clear that much of what he says is hyperbole by month 24 of the Hyperbolic Festival and due steps aren't taken to properly adjust one's linguistic sensors, the case is hopeless.

If every time somebody said, "I'm going to kill you" they were arrested, we'd have 10% of the population maintaining prisons for the other 90% sentenced for death threats. If every utterance "oh my God!" was a vow to the Almighty, we'd truly have the most pious country on Earth, led by teenage girls on their way to nunneries. If every "I'll have it done by the end of the day" were taken at face value, we'd all be unemployed. And if every politician who said, "I make this promise, you can trust me" were held to that, they'd all have been impeached and removed from office by the end of their first month of service.

[SharonClark]

3. Thanks for posting about reality.