Remember, the Dems voted against this.
Via RPC Senate
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At least 123 companies have announced plans to pay bonuses or raise wages in response to the Tax Cuts and Jobs Act.
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This includes bonuses of $1,000 or more, raising wages to at least $15 per hour, and increasing contributions to pension plans.
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This is evidence that a substantial part of the corporate income tax is borne by workers, many of whom are now benefiting directly from the reduced rates.
Almost immediately after Congress passed the Tax Cuts and Jobs Act, American workers at dozens of firms began to see the effects in the form of bonuses and raises. For supporters of tax relief this was good news, though not altogether a surprise. During debate over the law, economists cited research that workers bear most of the burden of the corporate income tax via reduced wages. The remainder is borne by consumers and investors. A significant cut in the corporate rate would provide real benefits to workers.
One study by scholars at the American Enterprise Institute concluded that a 1 percent increase in the corporate tax rate is associated with a 0.5 percent decrease in real wages. A 2007 Treasury Department survey of economic studies found that workers “bear a substantial burden” of the corporate income tax. The Congressional Budget Office concluded in 2006 that workers pay more than 70 percent of the cost of corporate taxes.
Almost immediately, the tax reform passage had a positive effect on business and the economy. Major companies such as Boeing, Wells Fargo, and Fifth Third BankCorp raised their minimum wages to $15 an hour, gave thousands in bonuses to employees, and increased charitable donations.
You can’t argue with success, but the Dems will, because this blows their socialist agenda out of the water.
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Reblogged this on Brittius.