It's virtually impossible to provide real-time, accurate, information about the positive impact of tax reform. Everyday companies large and small across the country are responding with raises and bonuses and they begin to understand the full impact of the Tax Cut and Jobs Act in their business.
Within the past day Disney, Starbucks and JP Morgan Chase are among the latest corporate giants to issue bonuses and raises to employees on back of the reform that proves once again that trickledown economics is alive and well (along with every economist, teacher and politician who suggests otherwise lacking any credibility).
But they're a myriad of smaller and local companies that are taking similar action every day that you'll never know about unless you work for that particular business.
That being said using research from Marist in conjunction with new estimates from the Council of Economic Advisers who've been monitoring the progress. Here's the latest:
- 84 million Americans have received a raise and/or bonus compared to 75 million at this time last year
- The average benefit of tax reform for those receiving increases (raises and bonuses) in direct response to the tax reform is $4,000 per household this year
- The average impact across all Americans in the workplace is an extra $630 this year
And that's before we account for the savings associated with the tax cuts themselves!
Put it altogether and we have approximately 9 million Americans who've received raises and bonuses in direct response to reforms thus far. About 2.9 million of which is accounted for by large, public companies, with about 6 million from smaller companies.