Wage growth well short of what was promised from tax reform

[DonViejo]

BY CHRIS MACKE, OPINION CONTRIBUTOR — 04/14/18 10:30 AM EDT 82 THE VIEWS EXPRESSED BY CONTRIBUTORS ARE THEIR OWN AND NOT THE VIEW OF THE HILL


The latest Employment Situation report from the Bureau of Labor Statistics shows weekly employee earnings have grown $75 since tax reform passed, well short of the $4,000 to $9,000 annual increases projected by President Trump and House Speaker Paul Ryan (R-Wis.).

During the three months following passage of the tax bill, the average American saw a $6.21 increase in average weekly earnings. Assuming 12 weeks of work during the three months following passage of the corporate tax cuts, this equates to a $75 increase.

Assuming a full 52 weeks of work, the $6.21 increase in weekly earnings would result in a $323 annual increase, nowhere near the minimum $4,000 promised and $9,000 potential annual increases projected by President Trump and Speaker Ryan if significant cuts were made to corporate tax rates.

Unless something drastically changes, it seems that Americans are going to have to settle for much less than the $4,000 to $9,000 projected wage increases. An extra $322 a year isn’t going to do much to pay down the $1 trillion in additional debt they are projected to take on as a result of the tax cuts.

more
http://thehill.com/opinion/finance/383045-wage-growth-well-short-of-what-was-promised-from-tax-reform

[mercuryblues]

1. I am interested in

what their tax liability will be for 2018. I suspect with the bracket changes and less taken out of your paycheck many people's end of year tax responsibility will go up.

[Wounded Bear]

2. The tax cuts were an incentive to LOWER wages...

[bronxiteforever]

3. [phone]

[flibbitygiblets]

4. the MAGAts were RepubliCONned...

How's that drainy-swampy thing workin' out fer ya?