President Donald Trump’s first year of regulation slashing was encouraging, but it looks like 2018 will be the year that the winning really kicks into high gear.
The Washington Examiner reports that thanks to the GOP tax reform packaged passed in December, the tally of companies that have so far revealed that they will be using the money they can now keep to fund bonuses, raises, and benefit increases for their employees is up to a whopping 100, and it’s all but certain that the number will only keep climbing in the new year.
That’s according to John Kartch, vice president of communications for Americans for Tax Reform, who tells the Examiner that “Small businesses from across the country are sending me news of their tax-cut bonuses, wage hikes, and charitable donations. Many of these were only announced internally. There is a broad and deep tsunami building.”
ATR president and longtime Republican tax reform activist Grover Norquist elaborated on how the continuing good news for the average American’s bottom line is the worst nightmare of class-warfare liberals who hope to demagogue the issue: “Every announcement of another company raising wages, hiring, paying bonuses, investing in America is another nail in the coffin of the Democrat attacks on the Republican tax cut. This drip, drip, drip is added to the daily reports on stock market gains, the bigger checks in pay envelopes and the jump in your 401K and IRA.”
You can click on over to the Washington Examiner if you want to read the full list of companies who have so far confirmed their intentions to ATR, complete with details, amounts, and company remarks. It’s pretty daunting. Here are just a couple entries from the list:
AT&T — $1,000 bonuses to 200,000 employees; $1 billion increase in capital expenditures.
“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. 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.” – Chairman and CEO Randall Stephenson
Associated Bank – $500 employee bonuses (exact number receiving bonus unknown at this time); base wage will rise from $10 to $15 per hour
“[Associated Bank President and CEO Philip B.] Flynn said the new tax legislation, particularly the reduction in business tax rates, allowed the company to share some of the benefits with its employees. It also helps position the company to further enhance the customer experience and its community investments in the future.” – Associated Bank press release
Comcast — $1,000 bonuses to 100,000 employees; at least $50 billion investment in infrastructure in next five years
“Based on the passage of tax reform and the FCC’s action on broadband, Brian L. Roberts, Chairman and CEO of Comcast NBCUniversal, announced that the Company would award special $1,000 bonuses to more than one hundred thousand eligible frontline and non-executive employees.” – Comcast press release
This should come as no surprise, considering that as TFPP reported last month, these announcements first started to roll in before Trump had even signed the tax cuts into law.
This, of course, is all Economics 101. Despite the Left’s cheap, dishonest, and tired talking points that corporate tax cuts and tax cuts on the nation’s top earners only result in rich people cashing out their millions and hoarding it all in big Scrooge McDuck vaults where nothing is ever done with it, conservatives have said all along this would be the real outcome because we understand basic free-market economics.
Simply allow the people responsible for job creation to keep more of their own money, and they’ll naturally put it toward growing their businesses — generating more economic activity, creating more job openings to fill, and making the jobs already filled more appealing for workers to stay in with higher pay, better benefit packages, and other incentives.
Keep it up, Mr. President. Do you think we’ll get tired of winning in 2018?