Democrats like House Minority Leader Nancy Pelosi, Chuck Schumer and Elizabeth Warren are claiming that President Donald Trump’s historic tax-reform bill passed by Congress last month does nothing for the middle class.
Even when, so far, more than 81 companies have announced that they will invest more in their workers in the form of bonuses, higher wages, or other benefits
And, now, the nation’s largest private employer is raising its minimum hourly wage and handing out bonuses of up to $1,000.
Walmart announced on Thursday that they are providing a one-time bonus, a raise in wages, and expanded benefits to their employees in response to President Donald Trump signing the Tax Cuts and Jobs Act.
“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” said Doug McMillon, Walmart president and chief executive officer, on Thursday “It’s our people who make the difference and we appreciate how they work hard to make every day easier for busy families.”
The new legislation cut the U.S. corporate tax rate cut from 35 percent to 21 percent.
“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” said Walmart CEO Doug McMillon in a statement.
“It’s our people who make the difference and we appreciate how they work hard to make every day easier for busy families.”
Meanwhile, in an interview Wednesday with the Fox News Channel’s “Special Report with Bret Baier,” Warren continued to insist the tax-reform bill, which House Minority Leader Nancy Pelosi called “Armageddon,” is all about appeasing “billionaires and giant corporations.”
“We’ve got to change it,” Warren said. “You’ve gotta take out the parts that are giant giveaways to big corporations that, right now, the Republicans plan for hard-working Americans to pay for.”
Baier interjected that there are companies such as the Massachusetts electricity company Eversource announcing “they’re going to give a big break to consumers.”
Warren commented: “And good for them. I’m delighted to hear that.”
Baier asked, “So, which (companies) do you take out of the list?”
“Look, it is a trillion-and-a-half dollars that the Republicans gave away to billionaires and giant corporations, and they expect hard-working families to just pick up the ticket on that. I want those breaks to go directly to hard-working families, not to a bunch of rich folks.”
Passed in both chambers with no Democrat votes, the bill cuts the corporate tax rate from 35 percent to 21 percent. It also doubles the standard deduction to $24,000 for married couples and doubles the child-tax credit to $2,000, with up to $1,400 available in refunds for families who owe little or no taxes. The bill maintains seven personal income tax brackets and lowers the tax rates for most brackets, reducing the top rate to 37 percent from 39.6 percent.
The left-leaning Tax Policy Center concluded 80 percent of taxpayers will get a significant tax cut while less than 5 percent will see a tax increase of more than $10.
The Congressional Budget Office’s “static” score of the bill, which doesn’t include projected economic growth, concludes the deficit would grow by about $1.5 trillion in the next decade. However, Republicans, pointing to the tax cuts of Presidents John F. Kennedy and Ronald Reagan, argue the bill will result in economic growth that will produce more revenue and, therefore, more taxes collected.
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