Some Taxpayers Are Already Benefiting From Passage Of The Tax Cuts

Yesterday The Business Insider posted an article about some American corporations’ reaction to the passage of the Tax Reform bill.

The article reports:

AT&T said Wednesday it will pay a $1,000 bonus to more than 200,000 US employees after the GOP tax bill is enacted.

“Once tax reform is signed into law, AT&T plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T US employees — all union-represented, non-management and front-line managers,” a company press release said. “If the president signs the bill before Christmas, employees will receive the bonus over the holidays.”

Boeing released a statement announcing “immediate commitments for an additional $300 million in investments that will move forward as a result of the new tax law.”

They are:

“$100 million for corporate giving, with funds used to support demand for employee gift-match programs and for investments in Boeing’s focus areas for charitable giving: in education, in our communities, and for veterans and military personnel.

“$100 million for workforce development in the form of training, education, and other capabilities development to meet the scale needed for rapidly evolving technologies and expanding markets.

“$100 million for “workplace of the future” facilities and infrastructure enhancements for Boeing employees.

Boeing CEO Dennis Muilenburg said: 

“For Boeing, the reforms enable us to better compete on the world stage and give us a stronger foundation for the investment in innovation, facilities and skills that will support our long-term growth.”

Fifth Third Bancorp said it would raise its minimum hourly wage for all employees to $15, with 3,000 hourly employees benefiting from the hike. The bank also said it would distribute a one-time bonus of $1,000 to about 75% of its employees.

“We want to invest in our most important asset – our people,” said Fifth Third President and CEO Greg Carmichael. “Our employees drive our reputation, our business and our success.”

Wells Fargo said it would raise its hourly minimum wage 11% to $15 from $13.50. Additionally, the bank plans to donate $400 million to community and nonprofit organizations in 2018 and will target 2% of its after-tax profits for corporate philanthropy beginning in 2019.

“We believe tax reform is good for our U.S. economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners,” said President and CEO Tim Sloan in a company release.

…Brian Roberts, CEO of Comcast NBC Universal, said the company would award $1,000 special bonuses to more than 100,000 eligible frontline and non-executive employees following tax reform and the repeal of net neutrality.

Roberts also pledged to spend $50 billion over the next five years investing in infrastructure, saying that the investments would “add thousands of new direct and indirect jobs.”

Sounds like a pretty good start!

When Political Discourse Goes Insane

Yesterday The Daily Caller posted an article about the move to end net neutrality. The first thing to understand is that net neutrality is not what it sounds like it should be. There are valid arguments to be made both for and against net neutrality. That debate would be welcome and informative–the current debate is useless.

The article reports:

Net neutrality activists left signs at Federal Communications Commission (FCC) Chairman Ajit Pai’s house Saturday, telling his children that their father was an “evil” man who “murdered” democracy.

The cardboard signs list Pai’s children by name, telling them that “you don’t have to be evil.” Pai’s leadership of the FCC has been fraught with criticism due to his rejection of net neutrality policies advocated by former President Barack Obama’s administration. The FCC announced last week that it plans to role back net neutrality rules, triggering protests outside the Pai family’s home for the second time this year.

Private homes need to be off limits for protests. The man’s children do not need to be afraid because their father is making a change to Internet regulations.

The article explains part of the argument to end the regulation:

Obama-era neutrality rules would have legally prevented internet service providers (ISPs) such as Comcast from discriminating against certain types of traffic. These regulations would effectively prevent ISPs from providing faster internet to higher-paying customers.

For an extended period of time, the FCC hosted an online forum for the public to submit comments and thoughts on net neutrality rules. While the whole process was an attempt at bureaucratic democracy, it ended up as sort of a mess due to the appearance of hundreds of thousands of fake posts from all parts of the world, including so many duplicates, and thus of highly unlikely authenticity. 

When in doubt, the free market is always the better idea.