OPINION | Barry Richard: Walmart Workers Benefit From Tax Cuts
Win, win, win! Tired of winning yet?
Walmart is the latest of the more than 100 companies to pass on the benefits of tax reform to its employees. CNBC says the retail giant will increase its starting wage for hourly employees in the U.S. to $11 and is expanding maternity and parental leave benefits. The network says Walmart also plans one-time cash bonus of between $250 and $1,000 based upon the length of service and eligibility totaling some $400 million.
CNBC says the generosity doesn't stop there:
"The company is also creating a new benefit that provides financial assistance to its employees who are looking to adopt a child, giving them as much as $5,000 per child to cover expenses such as adoption agency fees, translation fees and legal costs."
CEO Doug McMillon said in a statement:
"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."
This is how an economy grows. The government cannot grow the economy by forcing higher wages and mountains of regulations on businesses. Government grows an economy by allowing people and businesses to keep more of their hard-earned dollars. Those dollars ultimately get re-invested into the economy which results in growth and prosperity.
Three cheers to Walmart and hopefully many more companies will follow Walmart's lead.
Just remember, U.S. Senator Elizabeth Warren (D-Massachusetts) voted against tax reform and still believes that tax breaks for businesses should be repealed. When told last night by FOX News that Eversource was planning to reduce rates for customers here in Massachusetts as a result of the tax cut Warren responded that the tax law gives:
"giant giveaways to big corporations that, right now, the Republicans plan for hard-working families to pay for."
Editor's Note: Barry Richard is the afternoon host on 1420 WBSM New Bedford. He can be heard weekdays from Noon-3pm. The opinions expressed in this commentary are solely those of the author.