01/12/2018

Walmart Boosts Minimum Wage To $11, Hands Out Bonuses Up To $1,000 For Hourly Workers

Nathan Bomey, USA Today

Walmart is making a small name change to reflect a big change in their business. 

Walmart is boosting the minimum hourly wage for its U.S. employees to $11 and dishing out bonuses of up to $1,000, crediting President Trump's tax cut for enabling the move.

The increase for the nation's largest private employer also comes amid political pressure to bolster minimum wages and comes amid a hot streak for the retailer.

The big-box store chain, which has more than 1 million U.S. hourly employees, will reap a windfall from the U.S. corporate tax rate cut to 21%, down from 35%.

“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” Walmart CEO Doug McMillon said in a statement. “It’s our people who make the difference and we appreciate how they work hard to make every day easier for busy families.”

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Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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