Trickle Down Isn’t Working: The Three Percent Edition

You might think this sounds promising (boldface mine):

Fifth Third Bancorp will pay more than 13,500 employees a bonus and raise the minimum wage of its workforce to $15 an hour after the passage of the Republican tax plan that will cut the bank’s corporate tax rate.

Fifth Third is yet another company to announce a bonus for employees because of the tax plan. AT&T said earlier Wednesday that it would pay more than 200,000 U.S. employees $1,000 each and increase its capital spending budget by $1 billion.

Except for one thing: the bonuses and the minimum wage increase account for three percent of its tax windfall. So the other 97 percent is going to…


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1 Response to Trickle Down Isn’t Working: The Three Percent Edition

  1. sglover says:

    Dean Baker has noted a couple of instances (ATT & Wells Fargo) where corps are making splashy announcements of raises that they’re benevolently granting their wage slaves in the wake of the tax “reform” atrocity. Thing is that they’d issued press releases about these very same plans months ago, before the tax scheme was getting much attention. The oligarchs have *always* known how important it is to create and shore up useful myths.

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