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New Report: Corporations Not Being So Generous With Tax Cuts After All
ATF examined tax cuts, bonuses and other employee benefits from Fortune 500 and other big-name corporations since passage of Trump tax cuts.
WASHINGTON
Widespread publicity about corporations sharing a big slice of their huge Trump tax cuts with their workers through bonuses and wage hikes is mostly hype, an Americans for Tax Fairness analysis of the numbers reveals. Even though America's biggest corporations are poised to reap hundreds of billions of dollars in tax cuts, only 18 corporations in the Fortune 100 have announced any sort of employee benefits tied to those cuts, as of today. Only 46 of the Fortune 500--just 9%--have announced any plans to share the tax-cut wealth.
These counts come from the list of corporations sharing tax-cut benefits that's being maintained by Americans for Tax Reform (ATR) that ATF analyzed here. ATR is a principal backer of the GOP's tax giveaway to Corporate America that presumably has compiled as much good news about the tax cuts as it can find.
Thirteen of the Fortune 100 corporations on the ATR list are there because they plan to offer one-time bonuses to employees--a far cry from the permanently higher wages promoters of the GOP plan claimed would flow from massive corporate tax cuts. Only 6 Fortune 100 corporations are offering wage increases. Twenty-nine of the Fortune 500 are on the ATR list for offering one-time bonuses and 17 are offering pay increases.
Not only are few big corporations sharing any portion of their tax-cut bounty, but the amounts going to workers pale when compared to how much the companies are getting in tax cuts and to how much they're returning to shareholders through stock buybacks and dividends (where those figures are available).
"The idea that tax cuts for corporations and millionaires will trickle down to workers has been debunked over and over," said Frank Clemente, executive director of Americans for Tax Fairness. "Even many CEOs have acknowledged that the benefits will flow to shareholders, not to employees. Corporations should be honest with the public about where their fat tax cuts are going instead of doing Donald Trump's dirty work with marketing spin."
Highlights of ATF's findings from the report are below. The complete report that profiles the response of 42 corporations to the Trump tax cut is available here:
Only 18 (18%) of them appear on the ATR list for having given some benefit to employees due to their tax cuts.
Only 13 (13%) of them are on the list for one-time bonuses and just 6 (6%) are on the list for wage increases.
Nine (9%) are on the list for other types of benefits being provided to employees.
Findings of Fortune 500 corporations:
Only 46 (9%) of them appear on the ATR list for having given some benefit to employees, customers, or charitable organizations due to their tax cuts.
Only 29 (5.8%) of them are on the ATR list for one-time bonuses and just 17 (3.4%) are on the list for wage increases.
26 (5.2%) are on the ATR list for other types of benefits being provided to employees or for charitable contributions or consumer benefits, such as lower electricity rates.
$100 billion in stock buybacks: 20 corporations have announced new stock buybacks since the Senate tax bill was passed in early December, which total $100 billion. Stock buybacks put money in the pockets of already wealthy shareholders and divert precious resources from making new investments or raising workers' pay.
27,000 jobs cut: This is the number of jobs being cut in 2018 by eight of the 42 corporations profiled by ATF.
The 82 blue chip corporations in the Fortune 100 (and the 454 in the Fortune 500) that have not yet announced they will share the benefits of the tax cuts with their employees is available here.
Americans for Tax Fairness (ATF) is a diverse campaign of more than 420 national, state and local endorsing organizations united in support of a fair tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This requires big corporations and the wealthy to pay their fair share in taxes, not to live by their own set of rules.
Sen. Ron Wyden said the bill "increases military spending by tens of billions of dollars and fails to include guardrails against Donald Trump and Hegseth’s authoritarian abuses."
A majority of Democratic senators joined Republicans on Wednesday to pass the largest military spending bill in US history, handing President Donald Trump the bulk of his demands, even as he enacts steep cuts across nearly every other sector of the federal budget.
The more than $900 billion National Defense Authorization Act (NDAA) passed by a vote of 77-20, with 27 Democrats, as well as the independent Sen. Angus King (Maine), in support. Just three members of the Republican majority voted against the bill, along with 16 Democrats and independent Sen. Bernie Sanders (Vt.).
Among many other items on Trump's wish list, the bill provides funds for weapons meant to counter China, full funding for Trump's National Guard deployments to support the US immigration agents, and more funds for what are described as "counternarcotics operations."
It also removes a measure that would have restored collective bargaining rights that Trump stripped earlier this year from Pentagon employees, permanently ends Defense Department initiatives to curb climate change, and excludes a measure that would mandate healthcare coverage for in vitro fertilization.
Combined with $156 billion in the GOP's One Big Beautiful Bill Act this July, the package passed by the Senate pushesmilitary spending for fiscal year 2026 into the trillions—a new record in absolute terms and a relative level unseen since World War II.
The bill will head to Trump's desk just a day after he announced a “total and complete blockade" on Venezuelan oil tankers, a major escalation described by Rep. Joaquin Castro (D-Texas) as "unquestionably an act of war."
The bill contains a measure demanding that the Pentagon release the unedited video of a September 2 "double-tap" strike on a boat in the Caribbean that members of both parties have suggested may violate international law.
On Tuesday, Defense Secretary Pete Hegseth and Secretary of State Marco Rubiodeclined another congressional request to release the video. The defense bill ramps up the pressure for transparency, mandating a 25% cut to Hegseth's travel budget if the administration does not comply.
Senate Democrats have previously voted in support of war powers resolutions to require congressional approval for Trump's boat strikes and for further military action against Venezuela. These measures have repeatedly fallen just short in the Republican-controlled Senate.
But Stephen Semmler, a co-founder of the Security Policy Reform Institute, argued that "if the Senate truly cared about Trump seeking congressional approval before starting a war with Venezuela, it wouldn't have passed a bill authorizing $901 billion in military spending."
Sen. Ron Wyden (D-Ore.), who voted no on the defense spending bill, said, "I cannot support a bill that increases military spending by tens of billions of dollars and fails to include guardrails against Donald Trump and Hegseth’s authoritarian abuses."
“Donald Trump has repeatedly used the military to occupy major US cities, including Portland—endangering our service members, disrupting our economy, and eroding trust in our communities," Wyden continued. “He has also shown that he will use the Department of Defense to conduct deadly military operations without congressional authorization to intimidate political opponents and immigrants through the military, to purge senior military leaders without cause, to funnel billions of dollars in contracts to his personal supporters, and to waste billions of taxpayer dollars."
The defense spending bill passed the US House last week, with support from 115 Democrats. This was despite opposition from the Congressional Progressive Caucus, whose deputy chair, Rep. Ilhan Omar (D-Minn.), said it was "enabling unchecked executive war powers."
The House is expected to vote Wednesday evening on a pair of war powers resolutions. One, introduced by Rep. Gregory Meeks (D-NY), would block Trump's extrajudicial airstrikes on boats in the Caribbean. Another bipartisan resolution would require Trump to receive congressional approval before taking direct military action, including land strikes, against Venezuela.
"After 20 years of continuous reporting, the Report Card stands as a chronicle of change and a caution for what the future will bring," report contributors said.
The Arctic just experienced its warmest air temperatures on record between October 2024 and September 2025 as the climate crisis dramatically alters the region, the National Oceanic and Atmospheric Administration found in its 20th Arctic Report Card.
The annual report, released Tuesday, also notes the Arctic's lowest maximum sea-ice extent and its wettest year on record. The past 10 years have been the warmest recorded in a region that is heating at two to four times the global average.
"After 20 years of continuous reporting, the Report Card stands as a chronicle of change and a caution for what the future will bring," report editors Matthew Langdon Druckenmiller, Rick Thoman, and Twila A. Moon wrote in the executive summary. "Transformations over the next 20 years will reshape Arctic environments and ecosystems, impact the well-being of Arctic residents, and influence the trajectory of the global climate system itself, which we all depend on."
Arctic warming is not confined to the spring and summer months, but marks a full-year transformation, with fall 2024 being the warmest Arctic fall on record and winter 2025 the second-warmest winter. While snow levels do remain high in the winter months, they consistently drop by June, with snow cover during that month now about half of 1960s levels. Precipitation in the winter months is also not limited to snow.
"We can point to the Arctic as a far away place but the changes there affect the rest of the world.”
At sea, ice extent is also shrinking in the winter, with March 2025 seeing the lowest maximum sea-ice extent in nearly 50 years of satellite data. The oldest, thickest ice has shrunk by over 95% since the 1980s, and its domain has constricted to areas north of Greenland and the Canadian archipelago.
“There’s been a steady decline in sea ice and unfortunately we are seeing rain now even in winter,” Druckenmiller told the Guardian. “We are seeing changes in the heart of winter, when we expect the Arctic to be cold. The whole concept of winter is being redefined in the Arctic.”
Warming temperatures are also driving changes in ecosystems, with more southern species and conditions shifting northward both on land and at sea. On land, this happens via the "greening" of the tundra and the spread of boreal species into the Arctic. At sea, warmer, saltier water is shifting north, driving the "Atlantification" of the Arctic, which exacerbates ice melt and threatens to destabilize ocean circulation patterns.
Changes are also occurring on the Pacific side of the Arctic Ocean, with Arctic species declining by two-thirds in the northern Bering Sea and one-half in the Chukchi Sea.
“We are no longer just documenting warming—we are witnessing an entire marine ecosystem transform within a single generation,” Hannah-Marie Ladd, director of the Indigenous Sentinels Network on the Aleut community of Saint Paul Island, said at a conference unveiling the report.
Ocean warming, the melting of glaciers, and melting permafrost are increasing weather hazards and other dangers for Arctic communities. For example, warm ocean temperatures fueled ex-Typhoon Halong in October 2025, which forced over 1,500 people to evacuate from Alaska's southwestern coast and nearly destroyed two villages.
Glacier melt has increased the risk of sudden flooding and landslides, while the melting of permafrost is leading to the phenomenon of "rusting rivers," as oxidized iron from melting permafrost enters the water and degrades water quality.
These impacts aren't limited to the Arctic. The Greenland ice sheet, for example, lost 129 billion tons of sea ice, which contributes to global sea-level rise.
“We are seeing cascading impacts from a warming Arctic,” Climate Central scientist Zack Labe told the Guardian. “Coastal cities aren’t ready for the rising sea levels, we have completely changed the fisheries in the Arctic, which leads to rising food bills for seafood. We can point to the Arctic as a far away place but the changes there affect the rest of the world.”
Outside researchers noted that the administration did not seem to have significantly altered the content of the 2025 Arctic Report Card.
“I honestly did not see much of a tone shift in comparison to previous Arctic report cards in years past, which was great to see,” Climate Centralmedia director Tom Di Liberto toldNBC News. “The implications of their findings are the same as past Arctic report cards. The Arctic is the canary in the coal mine.”
"The Trump administration’s cuts to budgets, staffing, and resources for science are already affecting data and research related to the Arctic."
Druckenmiller also told reporters that the team “did not receive any political interference with our results.”
However, the 2024 Arctic Report Cardurged a "global reductions of fossil fuel pollution," in its subhead, an exhortation missing from the 2025 version.
The 2025 report did refer to the impacts of federal funding cuts, discussing "vulnerabilities and risks facing nationally and internationally coordinated observing programs, especially amid risks of diminishing US investments in climate and environmental observations," as Druckenmiller, Thoman, and Moon wrote.
"The Trump administration’s cuts to budgets, staffing, and resources for science are already affecting data and research related to the Arctic," the Union of Concerned Scientists (UCS) posted on social media in response to the release.
However, even if the report did not highlight the causes of the climate emergency, it's ultimate message was unmistakable, UCS said: "It’s clear that fossil fueled climate change is having an alarming effect on the vital signs of this unique, crucial region of the world."
A former senior Biden administration official admitted during a recent interview with who she thought were aides to Ukraine's president that the Russian invasion of Ukraine could have been averted if Kyiv had agreed to stop seeking NATO membership.
Amanda Sloat—a former special assistant to then-President Joe Biden and senior director for Europe at the National Security Council—believed she was speaking with aides to Ukrainian President Volodymyr Zelenskyy last week when she sat down for a phone interview with who turned out to be the Russian prankster duo known as Vovan and Lexus.
“We had some conversations even before the war started about, what if Ukraine comes out and just says to Russia, ‘Fine, you know, we won’t go into NATO, you know, if that stops the war, if that stops the invasion’—which at that point it may well have done,” Sloat said. “There is certainly a question, three years on now, you know, would that have been better to do before the war started, would that have been better to do [at the] Istanbul talks? It certainly would have prevented the destruction and loss of life.”
However, Biden officials chose not to address Russia's main concerns regarding Ukraine and NATO—with disastrous results.
Sloat explained that she "was uncomfortable with the idea of the US pushing Ukraine" against pursuing NATO membership, "and sort of implicitly giving Russia some sort of sphere of influence or veto power on that."
"I don’t think [then-President Joe] Biden felt like it was his place to tell Ukraine what to do then, to tell Ukraine not to pursue NATO," she said.
— (@)
Sloat is the latest in a series of former US officials who have fallen victim to Vovan and Lexus' pranks, including ex-Secretaries of State Hillary Clinton and Mike Pompeo, UN Ambassador Samantha Power, and senior State Department official Victoria Nuland—who played a key role in a plot to overthrow the pro-Moscow government of then-Ukrainian President Viktor Yanukovych during the Euromaidan uprising of 2013-14.
Sloat's remarks during the interview implicitly belied the prevalent Western prewar narrative of an unprovoked Russian invasion—an assertion that ignored decades of provocation, beginning with the betrayal of a 1990 assurance by then-US Secretary of State James Baker to Soviet President Mikhail Gorbachev that NATO would not expand "one inch eastward" if the Soviets cooperated on German reunification.
Not only did NATO admit 13 new nations between then and the start of Russia's 2022 invasion, all of the new members were countries formerly in Moscow's orbit, and three—Estonia, Latvia, and Lithuania—were ex-Soviet republics. The Biden administration's public pronouncements of an "open door" to Ukrainian NATO membership continued right up to Russia's invasion, and were particularly intolerable for Moscow—even if Russian leaders understood that the US was actually more opposed to Kyiv joining the alliance than in favor of such a potentially fraught outcome.
Responding to the prank, French political commentator Arnaud Bertrand said on X that "this is as close to a smoking gun as I've ever seen on Ukraine."
"Hundreds of thousands dead, a country in ruins, and the justification is America being 'uncomfortable' about not preserving optionality," he added. "Not even an actual gain—just the theoretical possibility of one day pulling Ukraine into NATO. The banality of evil."
"All of this will surely go down as one of the great missed opportunities of history."
Sloat's comments, noted Norwegian political scientist Glenn Diesen, come "after our political-media establishment has for four years smeared, censored, and cancelled anyone who claimed that NATO expansion triggered the war."
Referring to Sloat's acknowledgment that Russia's invasion of Ukraine could have been averted with a guarantee of Ukrainian neutrality, Jacobin staff writer Branko Marcetic wrote for Responsible Statecraft Tuesday that she "is not the first to have made this admission."
"As I documented two years ago, former NATO Secretary General Jens Stoltenberg and former Biden Director of National Intelligence Avril Haines both likewise explicitly said that NATO’s potential expansion into Ukraine was the core grievance that motivated Putin’s decision to invade, and that, at least according to Stoltenberg, NATO rejected compromising on it."
"Zelensky has now publicly agreed to this concession to advance peace talks—only three years later, with Ukraine now in physical ruins, its economy destroyed, hundreds of thousands of casualties, and survivors traumatized and disabled on a mass scale," he lamented.
"All of this will surely go down as one of the great missed opportunities of history," Marcetic added. "Critics of the war and NATO policy have long said the war and its devastating impact could have been avoided by explicitly ruling out Ukrainian entry into NATO, only to be told they were spreading Kremlin propaganda. It turns out they were simply spreading Biden officials' own private thoughts."
