The left-coast state of California is up-in-arms over the recently passed GOP tax cuts, blasting the legislation as a “middle-class tax increase” and announcing future plans to force corporations to hand-over half of their savings to local governments.
According to Fox News, two Democrat assemblymen introduced ‘Constitutional Amendment 22,’ which demands a ten percent tax on all companies and corporations with earnings over $1 million. The desperate legislation is a last-minute measure to help finance California’s failing welfare and social service programs.
“It is unconscionable to force working families to pay the price for tax breaks and loopholes benefiting corporations and wealthy individuals,” the Assemblyman said in a statement, according to The San Francisco Chronicle. “This bill will help blunt the impact of the federal tax plan on everyday Californians by protecting funding for education, affordable health care and other core priorities.”
Late last year, President Trump signed into law the largest overhaul of the nation’s outdated and over-complicated tax structure in generations, slashing taxes on corporations and individuals.
The bill added rocket-fuel to an already booming economy, prompting large companies such as Apple, Boeing, American Airlines, Visa, and others to reinvest billions and raise wages.
Leading Democrats -particularly House Minority Leader Nancy Pelosi- have slammed the legislation, calling the benefits to hard-working American workers “pathetic crumbs” from giant corporations.
ARMAGEDDON? Visa RAISING EMPLOYEE BENEFITS Following GOP Tax Cuts
House Minority Leader Nancy Pelosi’s dire predictions of “Armageddon” and the “end of the world” regarding the GOP tax cuts continued to evaporate on Monday, with credit card giant Visa announcing it would be expanding benefits to its US-based workers following the business-friendly legislation.
According to CNBC, Visa announced the company would be “raising its 401(k) matching for employees in response to tax reform.”
“JUST IN: Visa is raising its 401(k) matching for employees in response to tax reform; company also will examine other long-term investments.”
JUST IN: Visa is raising its 401(k) matching for employees in response to tax reform; company also will examine other long-term investments. pic.twitter.com/aoo5jT8ns1
— CNBC Now (@CNBCnow) January 8, 2018
The move makes the company the latest American corporation to drastically increase benefits and bonuses to workers following the GOP tax cut. American Airlines, AT&T, Boeing, Southwest Airlines, and others all announced renewed investments after President Trump signed the bill.
Hours before the law’s passage, former Speaker of the House Nancy Pelosi slammed the legislation; saying the new tax cuts would spark “Armageddon,” adding that it would bring about “the end of the world” for hard-working American families.
ARMAGEDDON? Walmart to RAISE U.S. WAGES After GOP Tax Cuts
US retail giant Walmart announced Thursday its plan to raise wages for its employees across the country and pay out big bonuses in response to the recently passed GOP tax cuts; throwing more cold-water on prominent Democrats predictions of “the end of the world” after the President signed the sweeping overhaul.
Walmart –the largest single employer in multiple states throughout the nation- released an official statement this week, saying the megastore will raise its hourly wage for all associates to $11, expand maternity leave, and give out $1,000 in bonuses to eligible employees.
“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” said Doug McMillon, Walmart president and CEO. “It’s our people who make the difference and we appreciate how they work hard to make every day easier for busy families.”
“We are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders,” he added.
The announcement is a far cry from House Minority Leader Nancy Pelosi’s predictions of “Armageddon” and the “end of the world.”
Other major American corporations, such as Southwest Airlines, AT&T, Boeing, and others have also announced major investments in US-based workers following the tax cuts.