Trump tax cuts shifted taxes from corporations like Wells Fargo to workers, Wells Fargo shifted workers to india where 0 USA Tax is collected.

You might wanna pray you never get sick or get old because all those progressive tax programs like Social Security and Medicaid/Medicare, h3ll, even USA military - are being gutted by corporations like wells fargo....

https://www.theguardian.com/business/2019/jun/15/job-losses-trump-tax-cut-at-t-general-motors-wells-fargo

Wells Fargo, the fourth largest bank in the US by assets, tied a minimum wage increase of $15 an hour to the Trump tax cuts and pledged increased investments in workers. The company is estimated to save $3.7bn annually due to the Trump tax cut. The bank’s 2018 tax savings were 47 times more than the costs of its minimum wage increases. Rather than invest in its workforce, Wells Fargo bought back 350m shares in early 2018, worth about $22.6bn, increased CEO salary by 36%, and announced plans in September 2018 to eliminate at least 26,000 jobs in the US over the next three years as many of those positions are being sent overseas.

“Nobody here saw any of that benefit; if anything, quite the opposite. They changed our healthcare plans in 2019, so the costs for everyone went up, the costs for prescriptions went up,” said Mark Wi---e, a Wells Fargo office employee in Des Moines, Iowa. “We need a voice because we’re often forgotten about in pursuit of profits, and that’s evident with the jobs being sent overseas.”

Wells Fargo said: “Savings from tax reform enabled Wells Fargo to further invest in our team members and communities. We have raised the minimum US hourly pay rate to $15 per hour, increased philanthropic support by 55% in 2018 to $444m, and we will target 2% of our after-tax profits for corporate philanthropy.”

https://www.theguardian.com/business/2019/jun/15/job-losses-trump-tax-cut-at-t-general-motors-wells-fargo

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Taxing corporations is never beneficial to the average consumer. If companies pay more, we pay more for goods and services. Layoffs and inflation are inevitable, they always happen at the same time and what comes next is a recession. This is very dangerous territory. India and the Philippines reap the benefits of our demise. One by one, each department will slowly wind up in one of those two countries. Look at the job openings in India and the Philippines, they have quite a few.

@jyj+1bDYbu2b

So customers leave to go elsewhere...and that "elsewhere" also pays taxes, and they bake those costs in as well. Unless that business is in magical tax-free land, it's in their costs as well. Do you really think that businesses don't price their product to cover these costs? Think again (or for the first time, perhaps). It's just like the portion of Social Security taxes that are "paid by your employer". No, that's just a portion of employee costs generally, and it's straight out of your pay, just another form of compensation. That is, unless you actually believe that a cabal of corporations were told to fund everyone's retirement and they chose to do so by 'robbing' profits, lol.

@kzv+1bDYbu2b
I love it when a dum mf argues this - it shows complete and sheer ignorance of how businesses work.

If a business tax is increased, the business will ATTEMPT to pass along to their customers.

This is successful if the business is a monopoly.

Well, in the case of banks, they arent monopolies - in fact, competition for revenue from every conceviable angle is against them now - fintech, non-bank, credit union - everyone wants a piece of that sweet financial pie.

So raise taxes on Wells Fargo, and you are arguing, well, their customers will pay.

no they wont. Wells Fargo CANT raise prices cause the MARKET WONT LET THEM. A raised price on ANYTHING and the consumer will go elsewhere, likely the next low cost business with same product.

The best Wells Fargo can do is offshore more staff, sell more businesses or - HEAVEN FORBID - reduce profit expectations to executives stonk options and shareholders.

You failed your argument.

Better luck next time.

Taxes on corporations ARE taxes on workers...unless you don't buy anything from corporations. Things cost what they do partially because of the taxes businesses pay. I'm not sure why people don't understand this but businesses actually pay $0 in taxes...their customers pay 100% of that bill. Think about it next time you cheer on a tax increase for "someone else", because the reality is, it's a tax on YOU.

in other news...water is wet.

So large corporations in the US don't follow through on their promises? And in other breaking news, ursine quadrupeds de-----e in arboreal settings…

@fcy+

At least breaking a hip isn't on my current list of concerns.

@iln 2019? you must have the memory of a goldfish of you think that's a deep pull.

This is not new, all U.S. corporations do this. I hate to say it, but moving to another country may be the only thing left to do. Corporations, wall street and the government have ki---d this country

Digging deep into the archives to fuel your rage, huh?

Thread regarding Wells Fargo & Co. layoffs

Trump tax cuts shifted taxes from corporations like Wells Fargo to workers, Wells Fargo shifted workers to india where 0 USA Tax is collected.

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