Where are those wage increases from the GOP corporate tax cut?

In order to get the Republican corporate tax cut bill passed, many big businesses made big promises to workers that their wages would go up. Instead, more than a year after the tax cut went into effect, those wage increases are nowhere to be found. Corporations have instead funneled their massive profits from the tax bill into stock buybacks that only benefit executives and large shareholders, according to an investigation by the NBC News and the nonpartisan Center for Public Integrity.

In December 2017, AT&T CEO Randall Stephenson announced that employees would receive $1,000 bonuses – about 1 percent of the estimated $20.4 billion tax windfall the company recorded in the fourth quarter of 2017, but that "while handing out the bonuses, AT&T was in the middle of laying off thousands of workers."

"Employees who have been there and built the company are being pushed out in the chase of the almighty dollar," said Marvin Thompson, who has worked for AT&T for 18 years in its Dayton, Ohio center.

Links:

Big businesses promised wage hikes from Trump’s tax cuts. What actually happened? (The Center for Public Integrity, Feb. 12, 2019)

'They're liquidating us': AT&T continues layoffs and outsourcing despite profits (Guardian, Aug. 28, 2018)

Where are those wage increases from the GOP corporate tax cut? (CWA, Feb. 21, 2019)