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Opinion Column by John Semmens
Dems Appalled by Corporate Response to Tax Cut Bill
This week, Congress passed and President Trump signed the Tax Cuts and Jobs Act. The measure reduces taxes on corporations from 35% to 21% and on 80% of taxpaying individuals by smaller percentages. Democratic rhetoric attacking the the legislation predicted a "massive transfer of wealth from the poor to the rich" that would lead to "Armageddon" and "the end of the world."
Contrary to these predictions, the immediate response by numerous corporations was to announce widespread employee bonuses and plans for substantial increases in investment and hiring. AT&T says it will pay $1,000 bonuses to 200,000 employees. Wells Fargo said it will raise its minimum wage to $15 an hour, and make $400 million in donations to community and nonprofit organizations next year. Boeing, Fifth Third Bancorp, and Comcast each announced additional investments.
House Minority Leader Nancy Pelosi (D-Calif) labeled t
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