Under #GOPTaxScam, Corporations Lay Off Workers While Pocketing Massive Windfall
“[The tax bill] will give a much-needed lift to the economy, create jobs, promote competitiveness…” – Speaker Paul Ryan
Trust us, Republicans said. The massive corporate windfall from the GOP tax scam, delivered by mortgaging the future of the American middle class, was really about jobs and wages for workers.
But while Corporate America celebrates their massive tax cuts by announcing $200 billion in stock buybacks to enrich their executives and investors, many of the corporations pocketing a massive windfall from the GOP tax scam are announcing something worse: layoffs.
Below are just some of the corporations that have overwhelmingly benefitted from the GOP Tax Scam, while quietly laying off employees:
|CORPORATION||PROFITS UNDER #GOPTAXSCAM||LAYOFFS|
|Kimberly-Clark||“The company said it would use savings from the new Republican tax plan to fund the layoffs and restructuring…”||5,500|
|Macy’s||“[Macy’s] currently estimates the deferred tax impact of the federal tax corporate rate reduction will result in a non-cash tax benefit of approximately $550 million to $650 million.”||10,000|
|Walmart||“…based on the company’s average annual United States earnings over the past five years, he said, savings from the cut in the corporate tax rate alone could be roughly $2.2 billion a year, or 40 percent.”||7,500|
|AT&T||“AT&T Inc. booked a $20 billion paper gain from a federal tax overhaul that will hand it about $3 billion in extra cash this year…”||More than 4,000|
|Comcast||“Cable giant Comcast Corp… posted a big one-time non-cash gain of $12.7 billion on the Trump tax overhaul that slashed corporate tax rates…”||500|
|Sears||“[Sears] said Thursday that it expects a profit for the fourth quarter of between $140 million and $240 million. That’s because it will get an on-paper gain of between $445 million and $495 million, due to a change in the tax law last year.”||220|
|Tyson Foods||“The company forecast more than $300 million in savings in fiscal 2018 related to the overhaul of U.S. tax laws…”||590|
|Pfizer||“In addition to the future tax benefits, Pfizer also reaped immediate rewards. The company said its ‘reported income’ in 2017 was $10.7 billion higher because of tax reform.”||300|
|Proctor & Gamble||“Ultimately, P&G says it will benefit from a lower tax rate that will drop from 28% to 21%. Excluding the one-time impact, the company said the tax cut produced a $135 million windfall for the quarter.||780|
|Bank of America||“Bank of America, for example, will likely add about $2.7 billion to its 2018 profits…”||103|
|Tenet Health Care Corp.||“[Tenet’s] cash tax payments will be approximately $10 million to $20 million lower each year over the next several years, which will be additive to free cash flow.”||700|
With their tax bill, Republicans passed a scam that gives 83 percent of the tax cuts to the wealthiest one percent – putting corporations and the richest ahead of everyone else. Democrats continue to fight for a fair, bipartisan tax code for America’s hard-working families with A Better Deal: Better Jobs, Better Wages, Better Future.