Remember when liberals were losing their minds over the proposed GOP tax plan that has since gone into effect? They were right! The tax plan is affecting Americans -- just not in the way the misguided troop of the Lib Army thought it would.
After months of fear mongering by people like Sen. Bernie Sanders (I-Vt.) through debates and warnings, big time companies have announced wage hikes and bonuses for their employees — and they’re all crediting the GOP tax plan.
Walmart announced Thursday morning that they will be increasing their starting wage for new employees and will be giving employees who qualify a bonus.
According to CNBC, Walmart will:
- Increase starting wage rate for hourly employees in the U.S. to $11
- Expand maternity and paternity leave benefits
- Pay one-time cash bonus to eligible employees of as much as $1,000
- Create new benefit that provides financial assistance to employees looking to adopt a child
Not bad, huh? Walmart CEO Doug McMillon agrees that the tax plan is a boon to their business model.
“Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.,” McMillon said.
What liberals don’t understand is that lowering the tax rate for all Americans actually creates tax revenue that compensates for the cuts. By lowering taxes, companies can hire more employees and pay their existing employees more as well. In doing so, more people pay into the tax system, and with existing employees earning a higher wage they possibly go into a new tax bracket and pay more into the system. However, when reaching a higher tax bracket, those people will still pay less in taxes than they would’ve if they had reached that level before the cuts.
That’s not a financial analysis. That’s common sense and logic.