President Trump took to Twitter this morning to boast about his “massive” tax cuts for the rich and to barrage the media with abuse for daring to report the truth about what the Republican Party’s class warfare agenda has in store for the American people.
The Massive Tax Cuts, which the Fake News Media is desperate to write badly about so as to please their Democrat bosses, will soon be kicking in and will speak for themselves. Companies are already making big payments to workers. Dems want to raise taxes, hate these big Cuts!
— Donald J. Trump (@realDonaldTrump) December 21, 2017
While this particular tweet is mostly the same old recycled garbage – the media is in league with the Democrats to ruin America and take your jobs, and so on and so forth – the assertion that “companies are giving back to workers” is new and must be addressed.
While yes, AT&T made headlines yesterday for announcing $1,000 bonuses to “celebrate” the tax bill, the truth is that the bonus was given only because the Communications Workers of America union pressured them into it, as reported by ThinkProgress.
A CWA spokesperson noted in an email to ThinkProgress that AT&T executives had agreed to the special bonus only after CWA argued that its employees should be given the “$4,000 wage increase promised by the Republican corporate tax cut.”
“Republican leaders have promised that households would receive on average, a yearly $4,000 wage increase,” they wrote. “They also claimed that the corporate tax plan would produce new jobs in the U.S. as companies return work from offshore.”
They added that the $1,000 bonus was “a drop in the bucket compared to what was promised.”
The AT&T “bonus” was also an obvious nod to the Trump administration, giving the President a PR talking point in the hopes that he will soften his opposition to the proposed AT&T-Time Warner merger, which he opposes because it involves CNN, one of the President’s favorite whipping boys.
This is not so much a show of magnanimity by AT&T, and the idea that multinational corporations who are only loyal to their shareholders will do anything that doesn’t directly benefit them is laughable.
Rather than raise wages or create jobs, most companies will be engaging in stock buybacks. As the bill neared passage, 29 companies announced a staggering $70.2 billion in buybacks, driving up the stock prices and filling the pockets of wealthy shareholders while doing nothing for the workers.
The greedy capitalist class has already made clear that they have no intention of using their tax cuts to help the American people – and the President is lying to the workers on their behalf.
It’s clear that the only forces the American worker can rely on is themselves. Organized labor and strong unions are the key to a real American economic recovery; the voodoo trickle-down economics of the Republican Party will do nothing for those that really need help.