January, 30 2018, 09:45am EDT
For Immediate Release
Contact:
Chris Fleming,Email:,chris@redhorsestrategies.com
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:
https://americansfortaxfairness.org/analysis-major-corporations-getting-huge-trump-tax-cuts-not-generous-workers/
Findings of Fortune 100 corporations:
- 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.
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Accusing "a president desperate to be king" of using troops "as political pawns," California's attorney general noted the announcement followed "a stinging rebuke by the Supreme Court."
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Trump initially sent thousands of California National Guard members to Los Angeles in June amid protests against his violent immigration operations. The remaining troops left the city earlier this month in response to a pair of orders from a district judge and the US Court of Appeals for the 9th Circuit.
The president also tried to deploy National Guard members to the streets of two other Democrat-led cities—Portland, Oregon, and Chicago, Illinois—but those moves were blocked by lawsuits, including one that produced a US Supreme Court decision last week.
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"Portland, Los Angeles, and Chicago were GONE if it weren’t for the Federal Government stepping in," Trump claimed. "We will come back, perhaps in a much different and stronger form, when crime begins to soar again - Only a question of time! It is hard to believe that these Democrat Mayors and Governors, all of whom are greatly incompetent, would want us to leave, especially considering the great progress that has been made???"
California Gov. Gavin Newsom, a Democrat expected to run for president in 2028, said on social media Wednesday that it is "about time Donald Trump admitted defeat. We've said it from day one: The federal takeover of California's National Guard is illegal."
Newsom and the state's attorney general, Rob Bonta, challenged the LA deployment. In that case, the US Department of Justice on Tuesday filed a brief with the 9th Circuit withdrawing its motion to keep the California troops under federal control.
"For six months, CA National Guard troops have been used as political pawns by a president desperate to be king," Bonta said Wednesday. "Now, in the face of a stinging rebuke by the Supreme Court, the Trump administration is backing away from its effort to federalize and deploy CA National Guard troops."
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Trump federalized Illinois and Texas national guard troops to patrol in Chicago, but Illinois quickly sued and won a court ruling keeping them out of the city. The troops did training exercises instead. Today, Trump claims that the guard "greatly reduced" crime in Chicago. Did they do it remotely?
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— Mark Jacob (@markjacob.bsky.social) December 31, 2025 at 4:24 PM
Illinois Gov. JB Pritzker, another Democrat who may run for the Oval Office in the next cycle, also pointed to the recent ruling in his response to the president on Wednesday: "Donald Trump's lying again. He lost in court when Illinois stood up against his attempt to militarize American cities with the National Guard. Now Trump is forced to stand down."
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Ahead of Trump's announcement, the New Republic's Greg Sargent said that the president and his deputy chief of staff, Stephen Miller, "are actually failing in crucial ways. Deportations are lagging behind their goals, courts are mostly functioning, and their fascist, ethnonationalist cruelties have unleashed a countermobilization of unexpected scope and power."
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