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News Today: Shocker! Tax Cuts in Hand, CEOs Admit They Won't Invest Record Profits in Worker Wage Hikes-News of the United States was founded in 1933 by David Lawrence (1888-1973), which also started the World Report in 1946. The two magazines are covering national and international news separately, but Lawrence combines them into news reports of U.S. in World and 1948 [1] and Later sold the magazine to its employees. Historically, this magazine tends to be a bit more conservative than the two main competitors, Time and Newsweek, and focus more on the story of economic, health, and education. It's also distancing news, entertainment and sports celebrities. [2] an important milestone in the history of the beginning of the magazine is including the introduction of the "Washington Whispers" column in 1934 and the column "News You Can Use" in 1952. [3] [4] in 1958, the circulation of the weekly magazine passed one million and two million in 1973. (
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"The tax cuts are working exactly as intended."
As America's largest banks post record profits, massive companies continue their unprecedented stock buyback spree, and already-obscene CEO pay packages are set to rapidly expand in the aftermath of the Trump-GOP tax cuts, top corporate executives are now openly admitting that they have no plans whatsoever to invest their enormous windfall into wage increases for workers.
During what Axios described as a "rare, candid, and bracing talk from executives atop corporate America" at the Dallas Fed late last week, Troy Taylor, CEO of Florida's Coca-Cola franchise, said of the possibility of broad wage hikes for workers: "It's just not going to happen. Absolutely not in my business."
"Of course the GOP tax scam didn't help working people," noted Wisconsin congressional candidate Randy Bryce, aka "The Iron Stache," in response to the Axiosreport. "CEOs would rather pay themselves than pay us."
And CEOs are not merely conceding that "the days of most people getting a pay raise are over" despite the lofty promises Republicans made after they rammed through their $1.5 trillion in tax cuts. As Axios reports, well-heeled corporate executives are also actively moving to "reduce their workforces further" to cut costs and boost their bottom lines.
"The message is that Americans should stop waiting for across-the-board pay hikes coinciding with higher corporate profit; to cash in, workers will need to shift to higher-skilled jobs that command more income," Axios summarized.
While the executives' comments were met with outrage and disgust on social media, few expressed genuine surprise that corporations are deciding to hoard their profits and line the pockets of top executives rather than redistribute the gains downward, as this is precisely what they've been doing for decades.
And this is also precisely what analysts predicted would happen as the GOP tax plan—which dramatically slashed the corporate rate and the top marginal tax rate for individuals—made its way through Congress last year.
"The tax cuts are working exactly as intended," Sen. Brian Schatz (D-Hawaii) concluded.
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News Today: Shocker! Tax Cuts in Hand, CEOs Admit They Won't Invest Record Profits in Worker Wage Hikes
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News Today: Shocker! Tax Cuts in Hand, CEOs Admit They Won't Invest Record Profits in Worker Wage Hikes
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News Today: Shocker! Tax Cuts in Hand, CEOs Admit They Won't Invest Record Profits in Worker Wage Hikes
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