Employment trends expert explains why the tax cuts benefited more than just the uber-rich
President Trump’s tax cuts were heavily criticized by Democrats who feared they were merely cuts for the wealthy, but recent decisions by mega-employer Walmart could prove otherwise.
“Changing the corporate tax rate from 35% to 21% might seem like it’s only a benefit for those in the higher-income bracket, but Walmart has just announced that one million employees are going to receive a new hourly rate as a direct result of the tax break,” says Rob Wilson, President of Employco USA and employment trends expert.
Wilson also says that full-time and part-time employees will also receive a one-time cash bonus based on their years of service, noting, “Employees who have been with the company for over 20 years are going to be treated to a $1,000 bonus.”
The average pay increase for hourly workers will go from $13.85 to $14.50, and Wilson says that employees will not be the only ones who benefit from Pres. Trump’s tax plan.
“Customers will likely see lower costs as a result, as well as a higher standard of customer care. Staff will receive better training and see better incentives as a reward for performance,” says Wilson.
For more on this topic, please contact Rob Wilson at rwilson@thewilsoncompanies.com.