by Sierra Marlee | December 22, 2017 5:54 pm
The Trump tax cuts have already begun to show positive influence in the economy, with many corporations promising bonuses to their employees in the United States as a result of the legislation.
Bank of America is the most recent company to jump on board this particular bandwagon, vowing to give out $1,000 bonuses to 145,000 of its American employees thanks to the lowered corporate tax rates. Hmmm, it’s almost as if the liberal prediction of this whole tax cut “murdering people” isn’t actually going to come true. In fact – much to their chagrin – it’s doing more to help middle-class Americans than anything that they have done in recent years.
Who knew that’s how economics worked?
Brian Moynihan penned an email to his employees stating that he was going to be able to give back to them and it excited a lot of people.
“In the spirit of shared success, we intend to pass some of those benefits along immediately. U.S. employees making up to $150,000 per year in total compensation–around 145,000 teammates–will receive a one-time bonus of $1,000 by year-end,” he wrote.
Bank of America is also expected to invest more of their income in technology to create “an extensive financial center network” in cities around the nation where said network is lacking.
If this doesn’t scream economic growth and prosperity, I don’t know what does.
While liberals complained that the “rich” were getting tax breaks at the expense of the “poor” and middle class blue-collar workers, it would appear that the bill is so far benefiting everyone involved.
According to reports by CNBC, Fifth Third Bancorp, Wells Fargo and AT&T are also feeling the spirit of giving, awarding bonuses with some being able to give their employees the long sought after $15/hr minimum wage. It is not surprising to those of us who understand economics, but to those who don’t, this must seem like magic. It turns out that when companies aren’t charged an arm and a leg in taxes, they are able to provide more benefits to their employees. You can’t tax and regulate businesses into prosperity.
Of course this gives people more money to spend on taxable purchases, meaning that state and local governments will also see a rise in revenue. When the people are doing well, the economy does well and when the economy does well, so does the federal government. This may be exactly what we need to bring us out of the slump we’ve been in for a long time. I can’t wait!
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