The numbers are in: the American worker got an average bonus increase of one cent in 2018.
“Data from the Bureau of Labor Statistics’ Employer Costs for Employee Compensation gives us a chance to look at workers’ bonuses in 2017 and 2018, to gauge the impact of the GOP’s Tax Cuts and Jobs Act of 2017. Last year, our analysis showed that bonuses rose by $0.02 between December 2017 and September 2018 (all calculations in this analysis are inflation-adjusted). The new data show that bonuses actually fell $0.22 between December 2017 and December 2018 and the average bonus for 2018 was just $0.01 higher than in 2017.”
In addition, the tax cuts are starving the US of tax revenue. Last week, the Treasury Department announced that the US could default on its debt if the debt ceiling isn’t raised in the summer.
But the tax cuts have been a boon to corporations, as they engage in a fury of stock buybacks which serve to enrich corporate investors and virtually no one else.
For more on this development and the full report by the Economic Policy Institute, visit its website here.
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