Casualty and theft losses.
AT&T handed out $200 million in worker bonuses and contributed $800 million to its employee and retiree medical trust fund.
But strong growth has not spared the jobs of thousands of American workers at large companies where executives have cited automation, outsourcing and product-line restructuring to explain why they reduced employment in a year when tax cuts raised their profit margins.
Stock buybacks by publicly traded companies continue to set records. They neared $200 billion in the third quarter for S&P 500 companies. Here’s a look at what companies promised and what has come to pass as we head into Year Two of the Tax Cuts and Jobs Act. The tax cuts are expected to increase deficits thereby stimulating the economy, increasing GDP and employment, relative to a forecast without those tax cuts. From a purely economic standpoint, the Tax Cuts and Jobs Act of 2017 has been an enormous flop. It also appears to be shedding employees. The wage increase amounted to $300 million more than the company had planned before the cuts. But the economy is on track to grow at about a 3 percent clip this year, after adjusting for inflation. The nonpartis…
White House officials predict that investment growth will bounce back next year, driving further productivity gains and lifting wages for workers, based in part on the high levels of planned investment that many business surveys continue to forecast. By cutting the corporate rate to 21 percent from a high of 35 percent, the law has reduced the effective tax rate that many companies pay. On October 23, 2018, Trump proposed a new 10% tax cut focused on the middle class. But it adds the boost to growth from the FY 2018 budget. Mr. Hassett said — as most economists have long predicted — that he did not expect to see this year’s wave of bonus announcements repeated next year. It increased its dividend for the 35th straight year. Many corporations made good on promises to raise wages and pay bonuses. Another bank that reaped billions from the cuts, Wells Fargo, said this fall it plans to reduce its work force by up to 10 percent, citing changes in customer demands.
Job creation accelerated across the economy this year, compared to 2017, including at several large companies that celebrated the tax cuts by expanding hiring plans. Verizon has paid down corporate debt by $4.2 billion this year, as it said it would after the tax law passed, and granted employees 50 shares of Verizon stock, a move worth more than $400 million. Officials at the Communications Workers of America, the union that represents AT&T workers, say the company has cut more than 10,000 union jobs this year, accelerating its pace of cuts from last year.
Yet financial filings show it has cut 5,000 jobs this year, continuing a downward employment trend that dates to 2010, when Mr. Moynihan took over as chief executive.
There are three estimates of the cost of Trump's tax cuts: The Trump administration said it would generate $1.8 trillion in revenue, more than making up for its $1.5 trillion cost.
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