Waiting — and Waiting– For Corporate Tax Cuts to Deliver Those Wage Hikes

Source: Manuel Madrid, American Prospect, April 13, 2018

Though if you’re a CEO or shareholder, the new tax cuts are the gift that keeps on giving. ….

…. It’s been nearly four months since the Tax Cuts and Jobs Act became law, and the good times continue to roll for shareholders and company executives. Corporate profitability is well on its way to hitting decade-long highs, and CEO pay, coming off of a record year in 2017, will be the cause of much champagne-popping. But if the new tax bill, which showered corporate America with an estimated $68 billion in savings, has been a party for Wall Street, folks on Main Street—the supposed primary beneficiaries of the tax-cutting bonanza, as Republicans told it—have yet to receive their invitations.

A new online database launched by Americans for Tax Fairness (ATF), a broad coalition of more than 400 groups championing progressive tax reform, tracks how corporations have responded to the new law. The ATF website, entitled “Trump Tax Cut Truths,” contains information on more than 800 companies, including the amount of tax savings those companies received along with details on planned bonuses, pay raises, and stock buybacks. The information is sourced from news articles, press releases, public corporate filings, independent analysis, and ATF research. ….