Walmart employees are thrilled after a recent announcement that they will receive higher pay and a bonus. This tremendous news comes in the aftermath of Trump and the GOP's recent tax plan, which has allowed several companies to provide one-time bonuses for their employees.
The retailer company remarked that their wage hike will be $1, raising the total starting pay from 10$ to 11$. As of December, the average pay for full-time workers was 13$.
Walmart president and CEO Doug McMillon remarked that his company is excited to build on investments they have made in associates, in their wages and skill development.
He then added that tax reform provided Walmart with the opportunity to be more competitive globally and to accelerate their plans in the United States. In other words, he thinks the GOP tax bill will be good for jobs, good for business, and will ultimately help him to further invest in the US economy.
Furthermore, as a result of the tax reform law, Walmart also announced that it is creating a new benefit to assist associates with adoption expenses. This new benefit, which will be available to all full-time workers, will total $5,000 a child.
According to WTVR, this change will impact a grand total of 1 million hourly associates.
According to US News, the pay hike at Walmart follows similar actions by rival Target Corp. Indeed, Target raised its hourly minimum wage to $11 in October and will raise wages to $15 by 2020.
Not only with Walmart be increasing pay to its workers, but will also be providing all part-time and full-time employees with a $1,000 bonus, so long as they have been with the company for over twenty years. Employees who have been with the company for shorter services will also receive bonuses, but bonuses for these employees will not be as large.
Trump's signing of this historic tax bill before Christmas means that many employees at major American companies will receive more money, according to reports.
For instance, before Christmas, AT&T also rejoiced after the GOP passed their historic tax overhaul, which lowers taxes dramatically for companies. After hailing the tax plan, AT&T remarked that it will invest an additional $1 billion in the United States next year and will pay a one-time $ 1,000-holiday bonus to more than 200,000 employees, according to The Hill.
In a press release, the company said that the bonuses would be paid to all union-represented, non-management, and front-line managers.
This AT&T business move recently caught the attention of Trump, who opened a White House celebration with congressional Republicans by quoting a passage from a statement by AT&T.
Boeing, another major company, also said before Christmas that it will allocate $300 million for "employee-related and charitable investment" as a result of the tax cut to "support our heroes, our homes, and our future." Boeing did not provide any further detail.
According to Fortune, Fifth Third Bancorp plans to raise its minimum hourly wage for all employees to $15. It also plans to distribute a one-time bonus of $1,000 to more than 13,500 employees as a result of the GOP tax bill being passed.
These are only a small sample of companies who, thanks to the GOP tax plan, are able to raise wages, provide bonuses, and invest more money into the US economy.
Many Americans, however, are critical of Trump's tax cuts, despite recent events that suggest they will be a success.
CNN reports that as Congress was passing their comprehensive tax plan, protesters could be heard during the final vote count. A group of onlookers, who were located above the Senate floor in the chamber, began to yell, "kill the bill, don't kill us!"
Like many Americans, these demonstrators were not happy and were especially troubled that the tax plan allegedly benefits those with high incomes far more directly than those with low incomes.
The Washington Post recently published an article titled, "Yes, the Republicans are passing their awful tax plan. And yes, the people know what they're up to, and they don't like it." In this article, the Post argues that the tax plan benefits primarily those who are of a privileged income — those who earn passive investment income, corporate dividends, overseas profits, and inherited wealth. And as a result, argues the Post, there is a huge incentive for anyone with a tax lawyer to classify their income as these types.
They also argue that the GOP tax bill will promote further wealth inequality, which has doubled since the 1980s. In fact, polls suggest that most Americans believe that the GOP tax will primarily help the wealthy.
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