The big picture: Companies whose employees didn't benefit from tax cuts
Photo: Andrew Harrer-Pool/Getty Images
President Trump said in April the Republican tax cuts are "giving [companies'] workers thousands and thousands of dollars of bonuses — something that we never really expected."
Yes, but: Not everyone could. While a number of companies announced bonuses for their employees, several still terminated hundreds of positions. Vox reported on Tuesday this is indicative of a pattern: "[C]ompanies profit, shareholders reap the benefits, and workers get left out."
Companies with layoffs since the tax cut:
- Comcast: More than 500 employees were laid off at the end of 2017, the Philadelphia Inquirer reported.
- AT&T: Around 600 employees in six states were told in December they'd be out of a job soon, Kansas City's Fox affiliate, Fox 4, reports.
- Carrier: Just over 200 employees lost their jobs at the company's Indianapolis location, Reuters reported, after the company vowed to keep 1,100 workers after receiving pressure from Trump to close the plant entirely.
- Walmart: 63 Sam's Club stores were shut down in January, which was made known shortly after bonuses, expanded benefits, and wage hikes were announced.
- Kimberly-Clark: In January, the company announced it would be letting go of up to 5,500 jobs, and closing around 10 facilities, the Washington Post reported. Chief Financial Officer, Maria Henry, said the tax break received from the GOP tax bill would help counteract the changes.
- Harley-Davidson: 800 workers were laid off at a Kansas City factory, Vox reports, shortly before the company "announced a dividend increase and a stock buyback plan" to repurchase $696 million worth of shares.
- Sears: At least 40 stores in 24 states — 31 Sears and 9 Kmarts — are closing, per Business Insider.
- Verizon Wireless: Around 3,000 customer service jobs are being cut, according to the labor union Communications Workers of America.
- PepsiCo: While announcing $1,000 bonuses, the company also announced it would be cutting "less than 1% of 110,000 corporate jobs," per the Wall Street Journal.
- J.C. Penney: 360 jobs were cut in February, including 130 at its headquarters, per CNBC.