President Trump Tax Cuts Barely Trickling Down To Workers, Here's Why | Velshi & Ruhle | MSNBC In a revealing segment from MSNBC's "Velshi & Ruhle," Stephanie Ruhle critically examines the reality of President Trump's tax cuts, which were promoted as a boon for American workers. Instead of the promised benefits trickling down, the episode indicates a stark divergence from expectations, presenting a comprehensive analysis of the situation. The video emphasizes that when corporate tax rates were slashed from 35% to 21%, the administration led by Trump assured that the savings would enhance workers' wages and create jobs. However, as detailed by Ruhle, many corporations took a different path. Although some companies provided one-time bonuses, they simultaneously implemented significant layoffs, underlining a paradox where money intended for workers appears to be disproportionately funneled into stock buybacks rather than employee compensation. Citing examples like Walmart and AT&T, Ruhle illustrates how these corporations announced substantial stock buybacks and layoffs, raising questions about the effectiveness of the tax cuts in achieving their intended purpose. For instance:
- Walmart: Launched a $20 billion stock buyback and offered $1,000 bonuses, yet laid off 10,000 workers afterward.
- AT&T: Announced $20 billion in buybacks while also shedding 1,600 jobs nationwide.
- Wells Fargo: Planned a $19 billion stock repurchase alongside the closure of over 800 branches.
These patterns reflect a broader trend in corporate behavior following the tax reform, suggesting that the supposed benefits for the working class are minimal. The segment also discusses the broader implications of corporate tax cuts, questioning whether they truly serve the public interest or primarily benefit shareholders. The analysis challenges the traditional "trickle-down economics" narrative. As we are now in 2024, reflecting on these discussions becomes crucial. Have attitudes toward these tax policies shifted, and what lessons can we glean from the past couple of years? Are there counter-examples of companies that did invest in their workforce? What do you think about the long-term impacts of these tax cuts? Feel free to share your thoughts or related experiences!