Trump: Businesses are 'showering their workers with bonuses' after tax bill

[DonViejo]

Source: The Hill




BY JULIA MANCHESTER - 12/22/17 08:28 AM EST

President Trump praised the recently passed GOP-backed tax plan early on Friday, saying it has led various companies and corporations to shower "their workers with bonuses."

Link to tweet

Trump's tweet comes after the House and Senate scored their first major legislative victory with tax reform earlier this week.

The $1.5 trillion legislation would provide large tax cuts for corporations and individuals as well as roughly doubling the standard deduction and increasing the child tax credit.

Supporters of the plan say the corporate tax cuts within the plan would bring corporations back to the U.S., leading to job creation and wage growth.

Read more: http://thehill.com/homenews/administration/366145-trump-businesses-are-showering-their-workers-with-bonuses-after-tax

[member12]

1. Those bonuses at AT&T, Wells Fargo, Comcast, and other places are nothing short of BRIBERY

How can they be explained any other way? Corporations bribing workers to support tax reform favorable to corporate interests.

[IthinkThereforeIAM]

17. AT&T just laid off 400 in Kansas...

...

"AT&T hailed the passage of the tax cut bill in Congress on Wednesday by announcing $1,000 bonuses to about 200,000 workers.

The telecommunications giant is also quietly laying off hundreds of others."

[link:http://www.kansascity.com/news/business/article191004264.html|

[mr_lebowski]

25. $200,000,000 is a drop in the bucket for AT&T esp. considering net neutrality repeal ...

That's the REAL reason they feel they're able to 'shower' down bonuses to people.

Once they start bending over the content providers for the 'privilege' of being the 'preferred' provider on their mobile and home internet services (damn near 100% PURE PROFIT), they're going to raking it in hand over fist.

[Rincewind]

32. The AT&T bonuses were

negotiated by the union several weeks ago. They have nothing to do with the tax bill.

[greymattermom]

2. So Trump businesses should be doing that also?

There's a good question for him.

[InAbLuEsTaTe]

14. Yessss... so where are the tRump bonuses? Que the crickets {chirp chirp}

[Iliyah]

3. Xmas bonuses

[lark]

4. Realists say it will destroy us economically.

There are also provisions in there that incentivize moving $$ and units overseas and could lead to an explosions of jobs moving away. You notice none of the drumpfs are moving their mfg back here, so that's just pure repug bs, just like with Bush tax cuts. this wil have the same effect, only worse, of exploding the deficit. this is planned so they can then raid SS, Medicare and Medicaid and finish devastating the middle class by taking our $$ and giving it to themselves and their donor buddies.

[dalton99a]

5. More money to buy new improved robots in both hardware and software

Robots that don't need bonuses

[left-of-center2012]

6. How will you spend all that extra cash you're getting from Trump's tax bill?

I'm undecided between an around the world cruise,
or a new Ferrari sports car.

[mac56]

15. I'm going all out. Getting extra cheese on my Subway sandwich.

[dhill926]

19. and mortgage your future?

that's crazy talk.....

[mac56]

22. In THIS economy?!

[TexasBushwhacker]

7. A $1K bonus is the equivalent of a 50 cent an hour raise

Which is the equivalent of $20 a week. Nice, but not exactly life changing.

[NastyRiffraff]

8. Many of those bonuses/wage hikes had been planned

for months, in some cases a year. Wells Fargo's minimum wage increase is just one example; that didn't happen because of the Tax Scam.

To fantasize that companies are "lovingly" "showering their workers with bonuses" shows an ignorance of how big business works, something you'd think Dump would know about. Then again, he could just be lying. Again.

[Roland99]

9. Not here.

Although I got a 2.5% raise vs 2% last year.

[watoos]

10. The AT&T bonuses

look pretty good for Trump, especially when AT&T is waiting for word from the Trump justice department about its merger.

[SeaDoo77]

11. Planned Part Of The Tax Scam

Corporate scum helping Trump sell the scam.

All the "tax cuts" are paid for by borrowing from our children.

[IronLionZion]

12. I might use my tax cut windfall to buy some ramen noodles

but it looks like I may have gotten a tax increase when I lost some deductions. We'll see come filing time. I might have to save up.

[knightmaar]

13. Yeah ... showering ... with golden ... uh ... bonuses

[George II]

16. trump is familiar with showers.

[Penn Voter]

18. LOL!!

Yes, Trump is an expert on golden showers!

[JHB]

20. A bonus is for one year, the cuts are for every year.

[jmowreader]

21. He's going to take credit for it snowing on Monday, correct?

The ENTIRE purpose of Christmas bonuses is to reduce a corporation's tax burden. Trump knows all about reducing tax burdens, or at least we think he does because the useless fuck won't release his returns. The IRS considers them employee compensation, so they go on Line 13 of Form 1120, the Corporate Income Tax Return.

The formula for the Perfect Christmas Bonus is very simple:

Step 1. On December 20, estimate your corporation's taxes to the end of the year. If you've been in business for more than a couple of years, you know how much money you're probably going to make and spend in the last 12 days of the year. Subtract Line 29c Deductions from Line 11 Gross Income to arrive at Line 30 Taxable Income.

Step 2. Divide Line 30 by 1000.

Step 3. Subtract the result of Step 2 from the amount on Line 30. (You have to do this because, unless you're in an industry that does a lot of R&D, the feds absolutely hate it when you don't make any money.)

Step 4. Divide the result of Step 3 by the number of bonus-eligible employees you have.

Step 5. Round the result of Step 4 to the nearest dollar so you don't look like a cheap bastard. If you have a low number of employees, round up to be nice. If you have thousands, round down so you don't incur a tax loss.

To paraphrase my first civilian boss, no corporation should ever pay taxes on more than one dollar out of every $1000 in income.

The "The US has the highest corporate tax rate in the world" should make anyone with even a slight familiarity with corporate taxation cringe. This is the corporate income tax form:

https://www.irs.gov/pub/irs-pdf/f1120.pdf

By the time you write off everything you can write off, there's hardly anything left to pay taxes on.

[harun]

23. Think I am going to be sick.

[Bengus81]

24. AT&T claims they pay 32.7% Fed tax rate??.........Bawhahahhahahaaaaa!!!

That rate after saying they spent 22B in infrastructure improvements in 2017 alone.

[C_U_L8R]

26. Oh dem golden showers.

[louis-t]

27. Beware what is to come. Bush gave me $600

in two checks, with his name plastered all over them. Then his policies cost me $100,000. But at least I got $600.

[SummerSnow]

28. Are your businesses showering your employees with bonuses?

[justgamma]

30. Lots of businesses

give end of year bonuses. I'd be interested to know what the workers received last year.

[SummerSnow]

34. I was talking about if Trump gave his employees year end bonuses

[HopeAgain]

29. I'm switching from ATT to TMobile

Not because of this, but this makes me happier about it.

[sweetroxie]

31. Are those golden showers?

nt

[OliverQ]

33. And this stunt will convince the deplorables how great the tax scam is, so

they can keep voting for Rethuglicans.