>>> TODAY THE TAX CUT TRACKER IS BACK AND WE’RE LOOKING AT HOW
COMPANIES ARE SPENDING THEIR
MASSIVE TRUMP TAX CUT.
WHEN THEY SLASHED THE TAX RATE,
PRESIDENT TRUMP PROMISED THE
SAVINGS WOULD TRICKLE DOWN TO
AMERICAN WORKERS.
AMERICAN WORKERS. WELL, NOW SOME COMPANIES HAVE
OFFERED ONE-TIME PAY BONUSES TO
THEIR WORKERS SINCE THE NEW TAX
LAW WAS ENACTED.
BUT WHEN YOU LOOK CLOSER AT THE
NUMBERS, MANY OF THOSE COMPANIES
ALSO ANNOUNCED THOUSANDS OF
LAYOFFS AND NO RAISES RIGHT AS
THEY SPENT BILLIONS AND BILLIONS
OF DOLLARS TO FINANCE HUGE STOCK
BUYBACKS WHICH SERVE
SHAREHOLDERS.
SHAREHOLDERS. FOR EXAMPLE, WALMART.
ANNOUNCED A $20 BILLION BUYBACK
PROGRAM IN SEPTEMBER.
JUST DAYS AFTER THE REPUBLICANS
INTRODUCED THEIR TAX PLAN
OUTLINE.
OUTLINE. AND WHEN THE TAX PLAN BECAME LAW
IN JANUARY, WALMART RECEIVED
PRAISE WHEN IT ANNOUNCED $1,000
BONUSES FOR SOME OF THEIR
EMPLOYEES AND INCREASED ENTRY
LEVEL PAY TO $11 AN OUR.
IT LAID OFF $10,000 WORKERS
AFTER ANNOUNCING IT WAS CLOSING
63 SAMS CLUB STORES.
THE SAME DAY.
AT&T ANNOUNCED $20 BILLION IN
STOCK BUYBACKS OVER TWO YEARS
AFTER RECEIVING PRAISE FOR
OFFERING $1,000 BONUSES TO SOME
OF ITS EMPLOYEES.
BUT THEN AT&T TURNED AROUND AND
LAID OFF 1600 EMPLOYEES ACROSS
THE COUNTRY.
THE COUNTRY. HOW ABOUT WELLS FARGO?
THEY ANNOUNCED PLANS TO BUY BACK
NEARLY $19 BILLION OF ITS OWN
STOCK.
STOCK. ALSO ANNOUNCED PLANS TO CLOSE
MORE THAN 800 BANK BRANCHES OVER
THE NEXT TWO YEARS.
EVEN AS IT ADMITS TO MAKING OUT
BIG FROM THE NEW TAX LAW.
HOW ABOUTCOMM?
HOW ABOUTCOMM? THEY ABOUNCED A $10 BILLION IN
STOCK BUYBACKS.
STOCK BUYBACKS. STOCK REPURCHASES, BYBACKS FOR
THE S&P HIT AN ALL TIME HIGH OF
$189 BILLION IN THE FIRST THREE
MONTHS OF 2018.
SO FAR TRUMP TAX CUTS FOR
COMPANIES IS BARELY TRICKLING
DOWN TO THE AMERICAN WORKER.
INSTEAD, IT IS LINING THE
POCKETS OF SHAREHOLDERS.
ALI, YOU COULD SAY LOTS OF
EMPLOYEES OWN STOCK.
NOT PEOPLE IN THE MIDDLE AND
BOTTOM.
BOTTOM. AND --
AND -- >> MOST OF PEOPLE ARE PASSIVE
INVESTORS.
INVESTORS. HALF OF AMERICANS, THOSE 100% OF
WHOM WORK FOR A LIVING, DON’T.
>> AND GIVING THAT ONE-TIME
BONUS IS A KISS YOU GET ONCE.
THE REASON --
>> IT DOESN’T RAISE YOUR BASE
PAY.
PAY. YOU DON’T HAVE TO GET THAT THE
SECOND YEAR.
SECOND YEAR. YOU DON’T GET 3% OR 2% ON TOP OF
THAT.
THAT. BONUSES ARE SLIGHT OF HAND.
A LOT OF PEOPLE TWEET AND SAY
I’M HAPPY TO HAVE MY $1,000
BONUS.
BONUS. I’M HAPPY FOR YOU.
WHAT WOULD HAVE BEEN BETTER
WOULD BE A RAISE EQUAL TO $1,000
SO THE NEXT YEAR YOU’VE ALREADY
GOT THAT AND YOUR BASAL RIE SALA
INCREASES.
INCREASES. >> AND WAGE INCREASES, THAT’S
WHAT WOULD HELP US ACROSS THE
BOARD.
BOARD. THAT IS WHERE PEOPLE ARE
SUFFERING.
SUFFERING. WHEN THE PRESIDENT SAYS TRICKLE
DOWN ECONOMICS ARE GOING TO
WORK, WE’RE LETTING YOU KNOW,
WE’RE NOT YET SEEING IT TRICKLE
DOWN, AND THOSE COMPANIES ARE
SPENDING THEIR MONEY ON STOCK
BUYBACKS.
BUYBACKS. >> I WENT TO A WEDDING AND
SOMEBODY SAID YOU GUYS ARE
UNFAIR TO PRESIDENT TRUMP.
YOU WON’T TALK ABOUT HOW GREAT
THE TAX CUT HAS BEEN.
IT’S NOT ACTUALLY RESULTING IN
HIGHER WAGES OR --
>> THE PERSON OWNS A LOT OF
STOCK AND THEY’RE LOOKING AT
THEIR 401 K AND SAYING BRING IT
ON.
ON. THEY WERE ALSO HAPPY OVER THE
LAST EIGHT YEARS WHEN THE STOCK
MARKET WENT UP.
THE TRUMP VOTER WAS BORN --
>> THE STOCK WENT UP BECAUSE OF
TRUMP.
TRUMP. EVEN DURING OBAMA’S ERA, THEY
KNEW TRUMP WOULD BE NEXT.
>> THE TRUMP VOTER WAS BORN OUT