While Democrats decried and ultimately refrained from voting for the GOP’s tax cut plan, its effects are beginning to be felt throughout the American economy.
The positive effects of the tax bill with deep cuts in corporate tax rates and individual tax cuts have resulted in companies handing out end-of-year bonuses and increasing jobs and pay. The latest success is found at Walmart which announced changes that could affect more than one million U.S. employees.
Salaries for new employees will be increasing from $10 to $11 an hour, the company announced according to a National Public Radio report. Paid parental leave programs will also be expanding and the company will be handing eligible workers a one-time bonus thanks to the new tax law.
Hardly sounds like the “Armageddon” pronounced by Democrats like House Minority Leader Nancy Pelosi before the bill was passed.
“No, it is the end of the world. The debate on health care is like death. This is Armageddon. This is a very big deal,” Pelosi said about the tax bill at the time.
Equally dramatic, New York Gov. Andrew Cuomo denounced the GOP tax reform bill as a form of “economic civil war” and vowed to take the federal government to court.
But Walmart is joining other corporations and banks like Wells Fargo and Fifth Third BankCorp which also announced the tax bill made it possible for them to raise the minimum wage for their workers. Comcast handed over 100,000 “frontline and non-executive employees” a generous $1,000 Christmas bonus as well.
“We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders,” Walmart president and CEO Doug McMillon said in a statement, according to NPR.
The one time bonus for Walmart’s hourly associates – including part-time workers – can range up to $1,000 for employees with at least 20 years at the company.
Walmart will also be “providing full-time hourly associates in the U.S. with 10 weeks of paid maternity leave and six weeks of paid parental leave.” This is a welcome change for hourly workers who previously received half pay during family leave.
All in all, the Tax Cuts and Jobs Act continues to leave critics in its dust while helping make life better for millions of Americans, just like Trump promised.
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Frieda@bizpacreview.com
Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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