Trump and the GOP brag about their massive tax cuts, that are mainly benefiting the rich, and claiming that businesses are reinvesting the billions saved on their taxes back into their workforces. The truth is that only 2% of American adults say they’ve gotten a raise, bonus or other benefits because of the new tax law, according to a recent study.
Businesses are simply reinvesting money saved on taxes back into the owner’s and shareholder’s pockets. The tax cuts are so deep, that they can now earn more with less workers.
The businesses below are doing just that, by screwing over their workers with pink slips, despite the fact that they could afford to pay these people more;
AT&T is silently engaged in an “unprecedented massive layoff of employees,” which it does not deny, even after it reported $39.7 billion in revenue and $6.4 billion in profits last quarter.
Wal-Mart announced bonuses for long term workers after Trump’s tax cuts, but then on the same day, it also announced that it would cut about 10,000 jobs as it closed 63 Sam’s Club stores.
Kimberly-Clark owns giant brands such as Kleenex, Huggies and Kotex, and it plans to cut up to 5,500 jobs, about 13 percent of its workforce, and get rid of 10 manufacturing plants, even though year-end results that showed net sales rose to $18.3 billion last year, up slightly from 2016. Sales are soaring for this brand, they’ve just saved huge on taxes, yet they are firing thousands. Absolutely ridiculous!
Macy’s is planning 5,000 job cuts, even though its holiday sales in stores open at least a year rose 1.1% and it took in 5 billion in revenue last year. Shouldn’t Trump’s huge tax cut be enough to let Macy’s make 100s of millions more annually? Guess not.
Keep in mind that thanks to former President Obama saving our economy from disaster in 2007/08, U.S. employers announced the lowest job cuts in 2017 since 1990. The businesses above are in the small minority that are firing their workforce, treat them accordingly.