Editor’s Note: The boom has already begun
A fact-check by the Associated Press of President Donald Trump’s claims the newly passed tax reform bill will boost the economy concluded: “nothing about the plan provides the fuel to achieve economic growth at the levels he predicted.”
And then, as detailed by Fox News, this happened:
■Telecom giant AT&T announced 200,000 non-management employees would be eligible for $1,000 bonus checks, and the company would invest $1 billion more than it previously planned in the U.S. “This tax reform will drive economic growth and create good-paying jobs,” said Chairman and CEO Randall Stephenson.
■Boeing unveiled $300 million in new investments. Of that, $100 million will go to corporate philanthropy, $100 million toward workforce development and $100 million toward workplace enhancement. President and CEO Dennis Muilenburg thanked Trump and Congress for “seizing this opportunity to unleash economic energy in the United States.”
■Comcast told more than 100,000 non-executive workers they’d be getting $1,000 bonuses thanks to the cuts, and its chairman said the company would spend more than $50 billion in the next five years on infrastructure, creating “thousands of new jobs.”
■Fifth Third Bancorp, crediting passage of the tax cuts, decided to raise the minimum hourly wage for all its employees to $15 an hour — a key item on the Democratic wish list — and give $1,000 bonuses to more than 13,500 workers.
■Wells Fargo also upped its minimum wage to $15 an hour, and promised $400 million in philanthropic initiatives in 2018. Most of that will go to boosting small businesses and revitalizing neighborhoods. “We believe tax reform is good for our U.S. economy,” President and CEO Tim Sloan said.
All of that came on Day One of the tax reforms. And it happened because the people who actually run businesses, create jobs, invest and give away money believe the package “provides the fuel to achieve economic growth at the levels (Trump) predicted.”
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