I’m sure you heard the news. Yesterday Congress made good on their promise to cut taxes. The historic measure is the biggest tax overhaul in 30 years. It was a huge promise by President Trump, made good.
Democrats have attacked the tax bill from the very beginning. They slandered Trump and GOP lawmakers. Apparently, liberals don’t want Americans keeping more of their hard-earned money. We may never know why.
A major part of the bill is a reduction in the corporate tax rate. Liberals hate this. Today Show host Savannah Guthrie spoke to Paul Ryan about the cut. She tried to ambush him, criticizing companies for not investing in the United States. Ryan fired back with the facts. And then news broke that has put Guthrie to shame.
From Axios:
After the passage of the GOP’s sweeping tax plan that would cut the corporate tax rate, AT&T, Wells Fargo, Fifth Third Bancorp, Boeing and Comcast announced plans to increase their employee pay and benefits.
Why it matters: This move will please the White House and Republicans who have been pitching corporate tax cuts from 35{75726800c12fe2ebed14402fd98444a61f7eda42751f92330bc58faf20bd8821} to 21{75726800c12fe2ebed14402fd98444a61f7eda42751f92330bc58faf20bd8821}, beginning in 2018, as a boost for American workers and economy. The Associated Press reports that per a White House official, these announcements were not coordinated with the president’s economics team. The official “insisted on anonymity to discuss private conversations,” per the AP.
Ryan was absolutely right. The United States corporate tax was through the roof. Every other major industrial nation has a lower rate. Why wouldn’t U.S. companies move to greener pastures?
But with the huge tax bill, things are changing. Immediately after it was passed, companies announced investments. Not only huge investments in America, but pay raises, bonuses, and charitable contributions.
Let’s look at the list so far:
- AT&T: $1,000 bonuses to over 200,000 employees and a $1 billion investment.
- Fifth-Third Bancorp will raise minimum wages to $15/hour.
- Wells Fargo will raise minimum wages to $15/hour and donate $400 million to nonprofits.
- Boeing will give $300 million to charities and investments.
- NBC Universal: $1,000 bonuses to over 100,000 employees and $50 bill investment.
So, will Savannah Guthrie apologize for her bogus comments? Probably not. But the facts speak for themselves. The tax bill is bringing serious money back into the U.S. It will result in higher wages, more jobs, and getter investment.
Are you tired of winning yet?
Source: Axios
