10222018What's Hot:

There is a major CEO tax con job going on

Fink, whose investment firm is looking for sustainable, enduring growth, not illusory, short-term profits, warned, “Without a sense of purpose, no company, either public or private, can achieve its full potential. It will ultimately lose the license to operate from key stakeholders. It will succumb to short-term pressures to distribute earnings, and, in the process, sacrifice investments in employee development, innovation, and capital expenditures that are necessary for long-term growth.”

But the vast majority of executives who announced they’d share the bounty of the Republican tax breaks with their employees didn’t explain how they’d spend their windfalls or offer workers long-term value.

The conservative group Americans for Tax Reform, which supported tax breaks for the rich and corporations, compiled a list of about 125 companies that announced their workers would benefit this year from some portion of the corporate tax break.

The overwhelming majority of these are one-time bonuses. It’s true that the average worker will appreciate an extra $ 200 to $ 1,000. But none of the companies promised that $ 1,000 would arrive in workers’ paychecks every year, even though corporations will enjoy the tax breaks every year.

Some firms, mostly banks, said they would increase the wages of their lowest-paid workers to $ 15 an hour. That bank workers, responsible for the correct calculation of savings and withdraws and for safekeeping depositors’ life savings, are making starvation wages of less than $ 15 an hour, is frightening.

In addition, the list of financial institutions includes big ones like Wells Fargo, Capital One and PNC Financial, all of which pay their CEOs more than $ 12 million a year, raising the question of why those fat cats made sure they got the big bucks but never got around to paying the workers who handle the money a living wage.

Source: Salon: in-depth news, politics, business, technology & culture > Politics

comments powered by HyperComments

More on the topic