Starbucks employees across the country are getting a taste of what lower taxation feels like. It’s fattening their wallets directly, even though some dismiss the tax cuts as “crumbs.”
As public opinion of the $1.5 trillion tax cut continues to improve for obvious reasons, Starbucks announced that it’s joining the growing list of businesses nationwide who are passing down some of those massive tax savings to their employees. Specifically citing the new tax law, Starbucks announced this week that it will be giving its employees pay raises and stock grants. To throw more salt in the permanently open liberal wound, Starbucks says its also using the tax break to help it move forward with some pro-family measures.
All employees will soon be able to earn paid sick time off, and the company’s parental leave benefits will include all non-birth parents. Starbucks Corp. said Wednesday that the changes affect about 150,000 full-time, part-time, hourly, and salaried employees, most of whom work as baristas or shop managers. The new benefits apply to workers at more than 8,200 company-owned stores but not at the 5,700 licensed shops like those found inside supermarkets. –The Seattle Times
The pay raise will go into effect in April making this the second wage increase Starbucks employees have gotten this year. The company has not announced yet how much it expects to save under the law, which lowers the corporate rate from 35% to 21%. Starbucks paid a 33% effective rate in 2017.
The Daily Wire has chronicled the number of companies, many of them being major corporations, passing down the benefits of slashing the corporate tax rate from 35% to 21%. Here’s a current list put together by the folks at Americans For Tax Reform, and that list just keeps getting longer.
“We have long understood that success is best when it is shared,” CEO Kevin Johnson said in a letter to employees. Now that Starbucks has some extra money in its coffers, it’s giving the employees a bit of incentive.
Now if we could just get a handle on that government spending, American might have found the recipe for success. While taxation is still theft, and always will be, lower taxes are not something one should ever be upset about. It just means the government is taking less from you or your boss leaving more money in your pocket.
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