Civic Register
| 1.16.18

Tax Reform Brings Bonuses and Layoffs

Join us and tell your reps how you feel!

What’s the story?

House Speaker Paul Ryan spoke on C-span about the 2 million workers who are getting raises and bonuses in the 20 days following the passage of tax reform. USA Today reports that companies offering raises and bonuses include Walmart, AT&T, Comcast and Wells Fargo.

Conservative group Americans For Tax Reform has published a growing list of companies, current count 125, who report awarding bonuses, base wage raises, and planning infrastructure investment as a result of tax reform. Some are even increasing hiring.

Yet absent from the list is any reporting on some of those same companies laying off workers and closing locations.

Both things are true. The world is complicated and the truth, sometimes, more complicated still.

Here are a list of companies that have been reported to be laying off workers and closing stores in the wake of tax reform:

  • Carrier is laying off 215 workers, via NBC News.

  • Sam’s Club owner Walmart is closing 63 stores and laying off 10,000 employees, via Snopes.com.

  • Walmart is also planning to cut 1,000 corporate jobs, via NBC News.

  • General Electric plans to cut 12,000 job, via Fortune.

  • AT&T is laying off 2,000 employees, via AppleInsider.

  • Macy’s is reported to be closing 11 stores and laying off 10,000 workers, via Chicago Tribune.

  • Tenet Healthcare is laying off 1,300 employees, via Reuters.

  • Pharmaceutical giant Allergan is laying off more than 1,000 workers, via InvestorPlace.

  • University of Arkansas for Medical Sciences (UAMS) is will reduce their workforce by 600, including over 250 layoffs, via ArkTimes.

  • Pfizer is closing their neuroscience division and cutting 300 jobs, via StatNews.

  • GoPro will cut more than 250 from their workforce, via TechCrunch.

  • Wells Fargo will close 800 branches by 2020, via CNN Money.

What do you think?

Is it fair for Republicans to tout the benefits of tax reform while companies are also laying off workers? Does the number of workers being laid off pale in comparison to those getting bonuses and raises, so the bonuses and raises are the more important story? Is seeing both sides of the impact of tax reform important to you?

Tell us in the comments what you think, then use the Take Action button to tell your reps!

— Asha Sanaker

(Photo Credit: Pixabay / Creative Commons)