Congressional Republicans deliver epic overhaul of U.S. tax laws to President Donald Trump

“Congressional Republicans delivered an epic overhaul of U.S. tax laws to President Donald Trump on Wednesday,” Stephen Ohlemacher and Marcy Gordon report for The Associated Press. “The vote was 224-201 and came hours after the Senate’s early morning passage along party-lines. Republicans cheered when the vote tally hit the magic number for passage, and again when the final vote was announced.”

“Tax cuts for corporations would be permanent while the cuts for individuals would expire in 2026 to comply with Senate budget rules,” Ohlemacher and Gordon report. “The tax cuts would take effect in January, and workers would start to see changes in the amount of taxes withheld from their paychecks in February.”

“The legislation repeals an important part of the 2010 health care law — the requirement that all Americans carry health insurance or face a penalty — as the GOP looks to unravel the law it failed to repeal and replace this past summer. It also allows oil drilling in the Arctic National Wildlife Refuge,” Ohlemacher and Gordon report. “The $1,000-per-child tax credit doubles to $2,000, with up to $1,400 available in IRS refunds for families that owe little or no taxes.”

Full article here.

“The House overcame a final hurdle by voting Wednesday to approve a sweeping overhaul of the nation’s tax code, sending the legislation to President Donald Trump’s desk for signature,” Christina Wilkie and Jacob Pramuk report for CNBC. “The plan, expected to become law for next year, would significantly remake the U.S. tax code for the first time in decades [1986]. The bill would slash tax rates for businesses while temporarily trimming the tax burden on most, but not all, individuals.”

Apple CEO Tim Cook and U.S. President Donald Trump at tech summit in June
Apple CEO Tim Cook and U.S. President Donald Trump at tech summit in June
“The chamber passed the legislation by a 224-201 margin,” Wilkie and Pramuk report. “‘Today, Congress approved a once-in-a-generation tax reform bill. This is the end of a long journey to deliver major tax relief to the American people,’ House Speaker Paul Ryan said in a statement Wednesday. By passing the tax reform bill in a reconciliation period, the GOP-controlled Senate was allowed to adopt the bill with just a simple majority, and not the 60 votes typically needed to advance a Senate bill to the floor for a vote. After tweaking the language in the bill, the Senate passed it in the wee hours of Wednesday, by a party-line 51-48 vote. Sen. John McCain, R-Ariz., is in his home state of Arizona fighting brain cancer.”

“The tax bill represents the signature legislative achievement of Trump’s first year in office… ‘I promised the American people a big, beautiful tax cut for Christmas. With final passage of this legislation, that is exactly what they are getting,’ Trump said in a statement, saying that the legislation pours ‘rocket fuel’ into the U.S. economy,” Wilkie and Pramuk report. “Speaking after the Senate vote Wednesday morning, [Senate Majority Leader Mitch] McConnell called passing the bill an ‘important accomplishment’ that taxpayers will ‘value and appreciate.’ ‘If we can’t sell this to the American people, we ought to go into another line of work,’ he told reporters.”

Read more in the full article here.

“In addition to cutting the U.S. corporate income tax rate to 21 percent, the debt-financed legislation gives other business owners a new 20 percent deduction on business income and reshapes how the government taxes multinational corporations along the lines the country’s largest businesses have recommended for years,” David Morgan and Amanda Becker report for Reuters.

“Millions of Americans would stop itemizing deductions under the bill, putting tax breaks that incentivize home ownership and charitable donations out of their reach, but also making tax returns somewhat simpler and shorter,” Morgan and Becker report. “The bill keeps the present number of tax brackets but adjusts many of the rates and income levels for each one. The top tax rate for high earners is reduced. The estate tax on inheritances is changed so far fewer people will pay.”

“In two provisions added to secure needed Republican votes, the legislation also allows oil drilling in Alaska’s Arctic National Wildlife Refuge and removes a tax penalty under the Obamacare health law for Americans who do not obtain health insurance,” Morgan and Becker report. “‘We have essentially repealed Obamacare and we’ll come up with something that will be much better,’ Trump said on Wednesday.”

Read more in the full article here.

MacDailyNews Take: The importance of the U.S. finally moving to a territorial system cannot be overstated.

As we’ve been saying for many years now, the U.S. corporate tax rate was obviously way too high and anachronistic, as Apple CEO Tim Cook agreed:

Under the current U.S. corporate tax system, it would be very expensive to repatriate that cash. Unfortunately, the tax code has not kept up with the digital age. The tax system handicaps American corporations in relation to our foreign competitors who don’t have such constraints on the free flow of capital… Apple has always believed in the simple, not the complex. You can see it in our products and the way we conduct ourselves. It is in this spirit that we recommend a dramatic simplification of the corporate tax code. This reform should be revenue neutral, eliminate all corporate tax expenditures, lower corporate income tax rates and implement a reasonable tax on foreign earnings that allows the free flow of capital back to the U.S. We make this recommendation with our eyes wide open, realizing this would likely increase Apple’s U.S. taxes. But we strongly believe such comprehensive reform would be fair to all taxpayers, would keep America globally competitive and would promote U.S. economic growth.Apple CEO Tim Cook, May 21, 2013

SEE ALSO:
Republican-controlled U.S. Congress poised to approve biggest tax system overhaul in 30 years – December 19, 2017
GOP tax cut plan sets 15.5% repatriation rate on offshore cash; 8% if invested in plants and equipment – December 16, 2017
GOP eyes taking bigger bite from Apple, others holding cash overseas to seal President Trump’s tax cuts – December 15, 2017
Apple could be biggest beneficiary of Republican tax reform plans, saving at least $47 billion – December 6, 2017
Dow soars 203 points higher to record as Wall Street cheers U.S. Senate passage of major tax bill – December 4, 2017
Oracle joins Apple in support of President Trump’s tax repatriation plan – November 7, 2017
President Trump’s tax cuts could be YUGE for Apple – September 28, 2017
GOP tax plan calls for cutting the corporate tax rate from 35 percent to 20 percent – September 27, 2017
Goldman Sachs sees $1 trillion in U.S. tax cuts coming – September 20, 2017
Apple will eventually bring billions of dollars back to the U.S. under President Trump’s tax reform plan – July 21, 2017
President Trump’s tax reform plan includes deep cuts in corporate taxes – April 26, 2017
Apple could be primed for profit explosion under President Trump’s big tax cut – April 26, 2017

92 Comments

    1. What?

      There are three articles covered here, each with a different headline, including the Associated Press article which begins:

      “Congressional Republicans delivered an epic overhaul of U.S. tax laws to President Donald Trump…”

      1. What a mess!

        In this tax bill US companies making money overseas will no longer have to pay taxes to the US on money made overseas.

        Large companies, like Apple, that are borrowing money at one plus percent have no reason to bring money, 250 billion dollars, into the US to be taxed at 15 or even 8 percent. That makes no sense.

        1+percent vs 15+% or 8% how stupid are you, really?

        Here is what to expect. Cuts in Medicaid, Medicare, and the Social Security Insurance program. Expect millions to lose insurance coverage. Expect those people will get sick and will go to the emergency rooms. Expect them not to have money to pay, expect that the hospitals will raise charges. Expect those who have insurance to have to pay a lot more. Expect that your job that pays some of the cost of your health insurance to pay less. Expect that you will pay more to make up the difference meaning less money in your pocket. This is just one aspect of the problems of this bill.

        Expect that stockholders will sue, if those profits are used for anything other than returning value to the stockholders.

        Ok, you forty pluses, or thirty somethings, you need a history lesson. This has been done before. So, expect boom, bust, and war. Ah the “Roaring 20’s”, or how about that time of George W., when he cut taxes, great times all. Oops, just one thing… the bill comes due. Now for go go Wall Street a few will kill themselves, or kill their families, or both. Yes, harsh I know, and I hope they realize the sun will come out tomorrow, but sadly some will not, past history, sorry to say. We can expect crime to go up due to human nature being what it is, it will cause people to take food if it’s not given. The drug problem to get worse either way, people having extra dough and looking for what they consider fun, or those people who are trying to escape the pain of everyday life. Yes we have seen this before.

        Expect state taxes to go up or expect less days in school for your kids, expect trash collection to go down, how about just once a month. Expect roads to get worst. Just expect to pay more for less and be told you are getting a deal.

        Look the deficit is going up, way, way up, or, and you are going to end up with less money in your pocket for sure.
        You will pay for it one way or another. You will pay.

        1. Oh, the deficit! Well, government could reduce the deficit by rolling back some programs and eliminating others. One need not steal from others to finance debt, you know.

          But government allowing citizens to keep more of their hard earned money? Why that’s just plain evil!

      2. Well, they certainly didn’t have the general population in mind drafting this bill. It’s totally an orange arsehole ego-sweller, as well as being very, very, kind to his paper money trail. Unfortunately, while some people might see slightly lower taxes next year, they’ll also be seeing hugely increased health care premiums, scaled-back services, and degenerating infrastructures, none of which will ever be planned to be funded by this crop of corrupt and venal ignorers of the public will.

        1. Your OPINION could not be more wrong.

          When the voters realize the extra money in their pocket come February, all the lying Democrat demagogues will have no credibility left …

    2. Why does the Reuters’ headline , one of three articles covered above, have such special significance to you that it provokes you to point it out in a comment?

      Serious, please explain. I’m interested in the psychology behind your compulsion if there is any beyond the prerequisite TDS.

        1. Doddering old fool. The ultra rich are all fine with spending other people’s money since they know they or their kids or their grandkids or their grandkids’ grandkids will never run out. Limousine Liberals are vile creatures.

          1. Warren Buffett was always the could do no wrong LEFTIST Wall Street dahling.

            Koch brothers on the other hand, typecast as greedy and evil Republicans by the same LEFTIST’S.

            No objective reality here sine they both do the same …

            1. Buffet’s children are worth BILLIONS, if nothing else from inheritances from their mother.

              Even if Warren “gives away all his money”, his children will receive hundreds of millions from HIM.

              that’s not “little”….

            2. In the interviews I have seen he started his kids out with a very small stake in proportion to his wealth. The guy lives in the same home he did when the Beatles were the big thing and drives himself around in a rather mundane car- he is the polar opposite of these “Masters of the Universe” that rob widows to buy their homes in the Hamptons and Martha’s Vineyard.

              Had you invested $10,000 in Berkshire the day Buffet took it over (808 shares) and kept it- adding nothing to it- it would be worth $240,945,600 as of the latest quote. The annualized rate of growth he has sustained over decades is in excess of 20% through market crashes and recessions big and small. The S&P index averaged less than half of that over the same period. To put that in perspective, the Medical home price in the US in 1964 was about $19,000, so $10k is not an outlandish amount.

              His has been an amazing run from President Johnson through Trump, from Vietnam to the Oil Crisis to the end of the Cold War to both Gulf Wars and numerous market cycles.

              The greedy Republicans would be wise to listen to him on more than stock picking. He is a job creator and wealth builder without equal in our time.

            3. Any business changes manufacturing sites- Apple once made computers in the US but shut it down. Ford is in the process of moving most car production out of the US along with most others and will be sourcing some cars from China- as GM and Volvo already do.
              When a business hires you it is not for life and nobody ever promised them the jobs would be there forever. I my 43 years working I have never been promised lifetime employment nor have most people. If you want lifetime employment you had better own the business.

            4. To your point, Buffet is leaving his money to charities because it is his money to do with what HE wants. It is telling that he did not leave it to the federal government because He feels it can be spent better elsewhere.

      1. That is the most passioned offense for tax cuts l’ve ever heard and the finest floor speech by Sen. Cruz to date. Remarkable!

        Excerpts should have lead the morning MSM national news. Whoopsie, yeah, those of us with critical thinking skills know why that did not happen.

        Thanks for posting … 👍🏻🇺🇸👍🏻🇺🇸👍🏻

          1. I agree. We should drill it and help flood the market with oil, reducing it’s price and choking off all the third world countries that depend on oil for their survival. Most all are thorns in our side. At the same time, we should continue to wean ourselves from having to use oil or gasoline wherever technologically feasible to do so.

            1. I’ve always contended that we should use up all of the oil that’s relatively cheap from the other countries and save our reserves for the future. Of course it would be great if we didn’t have to use any of it at all.

            1. But electricity can and it comes from the sun. And you don’t have to pollute precious potable water to generate it.
              BTW- more people now work making & operating renewable energy equipment than the entire coal industry in this country.
              If American jobs and energy independence is the goal, the future is not with coal.
              And water and electricity can make methane which can drive you to work.

    1. No Apple news here.

      In response to the greatest financial collapse in three generations, in 2008 the federal government passed bipartisan corporate welfare, blossoming debt and rewarding lenders for their unscrupulous business greed.

      The tea party (“republicans”) went into a rage for the next 7 years, whining and obstructing every proposal the president recommended, especially those that would have prevented the banking fraud that directly triggered the gross home mortgage securities misrepresentation and subsequent bubble burst.

      Now, 9 years later, the emboldened republicans have decided that another massive wealth transfer to corporations and banks is a great idea. The only difference is that instead of Uncle Sam lowering lending rates and shoveling cash directly to large corporations, they would instead package it as lower tax rates for the rich. Same effect. Balooning the debt even more makes sense to corporate lapdogs because you know Apple and other multinationals are having a difficult time coming up with enough money to hire Americans to make new Mac Pros and stuff. So even though no financial projections show anything but short term adrenaline while long term, taxpayers will have to shoulder higher taxation to pay for this. But we should all rejoice that your friendly corporate executives will get even bigger self-chosen bonuses for their lobbying efforts!

      There is no requirement for tax breaks to be tied to hiring. There is no incentive for corporations to repatriate funds stashed overseas. There is no simplification to taxpayers. There is no reduction to payroll taxes. Personal income tax reductions are tiny, or nonexistent, and temporary. Corporate tax rate is planned to be permanent.

      This bill is a reward to republican donors. When the promised trickle down fails to materialize, it will be left to fiscally responsible adults to raise taxes and cut spending to salvage a financial future for your children. Then the irresponsible corrupt greedheads will label that party to be pro-tax and whine for 8 more years.

      But of course we all know there is no fiscally responsible congressman. Just two flavors of spendaholics.

      MDN, you can start posting the us debt clock. Your party just turbocharged the hole digging.

      1. “No Apple news here.”

        To quote Ben Stern: “I told you not to be stupid, you moron.”

        Major changes to corporate taxes directly affects Apple in hugely significant ways. Personal income tax cuts put more disposable income into people’s pockets. Money they can and will spend on, among many other things, Apple products.

    1. Actually, they just dared to take a bit less. It’s the people’s money, the taxpayers’ to be exact, not the government’s.

      Tax Freedom Day 2017, the day when you stopped working to pay your bloated government and started to take home your own money, was on April 23rd, 113 days into the year.

      If you’re not appalled by that, you must be a Democrat.

      1. It is a historic payoff for the donor class while everyone else is screwed. It rewards the top one percent by mortgaging our children’s future while increasing income inequality. This tax bill is absolutely obscene. Vote the bums out.

        1. You lie.

          Here are the facts about the Tax Cuts and Jobs Act:

          Do corporations get a big tax cut?

          Yes. The new bill lowers the corporate tax rate from 35 to 21 percent.

          How does it impact my personal income tax?

          The bill keeps the seven tax brackets while reducing the rates for five of them. The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent.

          The highest rate — 37 percent — applies to individuals whose income exceeds $500,000. For joint filers, the threshold is $600,000. This rate is being lowered from 39.6 percent.

          Will I still be penalized if I don’t have health insurance?

          No. Starting in 2019, the new legislation eliminates the Affordable Care Act’s individual mandate.

          What about the alternative minimum tax rate (AMT) ?

          The alternative minimum tax rate is essentially a secondary tax on the wealthy; put in place to offset the benefits a person with a high income could receive. The new bill eliminated the AMT for corporations, but keeps it for individuals. It raises the exemption to $500,000 for single taxpayers and $1 million for couples.

          How does the new bill affect the child tax credit?

          Under the new bill, taxpayers can claim $2,000 credit for each qualifying child under the age of 17. The tax credit applies to single filers and married couples, and is fully refundable up to $1,400.

          And what about estate taxes?

          The new bill keeps the estate tax at 40 percent but doubles the exemption levels — which are currently at $5.49 million for individuals and $10.98 million for married couples.

          What about my state and local tax deductions, or SALT?

          Under the finalized bill, families can deduct up to a total of $10,000 in local property and state and local income taxes.

          What if I want to buy a new home?

          For new homebuyers, the mortgage-interest rate deduction will be available for mortgages up to $750,000. That’s down from $1 million.

          How are pass-through provisions affected?

          Pass-through businesses are typically sole proprietorships, joint ventures, limited liability companies and S corporations. They are not taxed as corporations. Instead, the profits from these business are counted in the owners’ personal tax returns.

          The finalized bill gives businesses a 20 percent deduction for the first $315,000 of joint income.

          What if I have student loans? And what about medical expense deductions?

          The new tax bill keeps the current deductions for student loan interest. Additionally, the tuition waivers that are received by graduate students will remain tax free.

          If you have expensive medical bills, this portion of the bill could be beneficial to you. The legislation allows taxpayers to deduct medical expenses that exceed 7.5 percent their adjusted gross income.

          1. Wake up. The fact of the matter is 60% of the benefits go to the top 1% of income earners (widening income inequality) and at the same time the tax cuts will increase the budget deficit by over 1 trillion dollars (mortgaging our children’s future). The cuts to the corporate taxes are permanent while the individual cuts are temporary. Truly atrocious tax policy.

            1. Hypocrite, hypocrite, hypocrite:
              “and at the same time the tax cuts will increase the budget deficit by over 1 trillion dollars (mortgaging our children’s future).”
              Obama added 10 trillion dollars to the debt and you are complaining about 1 (that ONE) trillion – that will in all probablility be made up for with taxable income from company growth. What I see is blindness from a hater of anyone not like them. I am finally understanding who the “haters” really are.

            2. The difference was the Obama debt was used to pull us out of a severe recession. Now with the economy growing, we should be working to reduce the debt, not increase it further.

              The vast majority of economists agree that these tax cuts will not be made up by increased economic growth. The Republicans tried this in Kansas a few years ago and it failed miserably.

              What I hate is creating unnecessary debt. What happened to the Republican deficit hawks?

            3. Here is a good summary of the National Debt Under Obama.

              The debt was not only a result of increased spending, but also decreased tax revenues because of the recession.

              Obama’s largest direct contribution to the debt was the Obama tax cuts, which were an extension of the Bush tax cuts which expired in 2010. They added $858 billion to the debt in 2011 and 2012. The second largest contribution was the infrastructure spending which added added $787 billion between 2009 and 2012. Both of these policies were aimed directly at the recession. The next largest contributor was military spending. Way down on the list was Obama Care which added $104 billion to the debt between 2010 and 2019.

              To say that Obama was directly responsible for 10T in debt and most of it was not to fight the recession is at best, highly misleading.

            4. You sound like to watch too much CNN and MSNBC. You are factually challenged.

              Who do you think pays the most taxes? That’s right, your hated “top income earners” who bankroll most of your beloved nanny state boondoggles. So, when you cut taxes across the board the ones paying the most get the biggest tax cuts.

            5. This is a direct result of growing income inequality. At the rate we are going, the top one percent will earn all the income and therefore will be paying 100% of the taxes. Making our tax system less progressive will only accelerate this trend.

    1. What a remarkable day it is! 🇺🇸

      Historic and by Washington standards for all time a walk on businessman President with zero political experience accomplished the impossible in the shortest amount of time.

      History has been made today and it is nothing short of remarkable and certainly one for the history books.

      Thank you for MAGA President Donald J. Trump! … 👍🏻

    1. Not since 1986, under our Greatest President, has the U.S.A. seen such massive HOPE AND CHANGE!

      The GOP and President Trump have just FUNDAMENTALLY TRANSFORMED the United States of America!!

      In other words, President Trump just MADE AMERICA GREAT AGAIN!!!

      Now, commencing massive two-week long Christmas + New Years party!!!!

    1. With Tax Reform, AT&T Plans to Increase U.S. Capital Spending $1 Billion and Provide $1,000 Special Bonus to more than 200,000 U.S. Employees

      Today, Congress approved legislation representing the first comprehensive tax reform in a generation. The President is expected to sign the bill in the coming days.

      Once tax reform is signed into law, AT&T plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees — all union-represented, non-management and front-line managers. If the President signs the bill before Christmas, employees will receive the bonus over the holidays.

      “Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,” said Randall Stephenson, AT&T chairman and CEO. “This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees.”

      Since 2012, AT&T has invested more in the United States than any other public company. Every $1 billion in capital invested in the telecom industry creates about 7,000 jobs for American workers, research shows.

      Source: AT&T Inc.

      1. I am sorry that I didn’t read all three headlines before my earlier comment. I apologize for jumping to a conclusion that MDN had editorialized in their headline writing.

        I can say with certainty that only time will tell if Republican orthodoxy on taxes will lead to economic growth sufficient to pay for the cuts. I hope so, because the other outcome would be very bad for most Americans.

          1. You mean the Revenue Act of 1964. There is a world of difference between the two. First, the tax cuts of 1964 were far more equitable and were coupled with spending increases. Second, tax rates were much higher as was the cost of capital then compared to now. As a result, the economic stimulus generated by the 1964 tax cuts were much greater than the present tax cuts are likely to produce. The net result back in 1964 until the mid 70s was a decrease in income inequality. Current income inequality is approaching levels not been seen since the great depression. Since the the present cuts are so strongly in favor of the top 1%, they will only serve to increase income inequality further. This inequality is a real threat to the economic, political, and social stability of the US.

    2. Between the tax cut and the repeal of Net Neutrality, AT&T can afford it. Handing out a bonus is a lot cheaper than giving their employees a raise. The changes in the IRS withholding tables will no doubt be jiggered to give the impression of a raise for most workers, even if it comes at the expense of smaller refunds after the mid-term elections.

      We have been in a growth economy since the end of the Great Recession. Because the cuts will largely be financed by the issuance of debt, this cannot help but stimulate the economy further, extending the recovery at least past the mid-terms. The President is applying Keynesian economics. It may also overheat the economy and stimulate inflation while ballooning deficits.

      I may be jaundiced, since this bill is going to cost me a lot of money. The increased standard deduction will not even come close to covering the itemized deductions that I will lose. The medical deduction would have been particularly useful since my wife’s individual insurance premiums are going to skyrocket thanks to the repeal of the individual mandate.

      Who do you think is going to pay when millions of extra people without insurance skip preventative medical care and wait to see a doctor until they present at a hospital emergency department in crisis? The hospitals are going to recapture those losses somehow, either by increasing their rates, by tapping state and local governments, or by declaring bankruptcy.

      How do you think the Administration is going to address the budget deficit it has just created? It can’t increase revenues, so it will have to cut services. Corporations will pay lower taxes, but they won’t suffer any loss of their services. Individuals will see, at best, very small tax decreases but will suffer all of the service cuts. Social security “reform,” anyone?

      1. The recipients of AT&T’s largess are 200,000 unionized employees covered under a CBA

        Under the eight years of Obama’s administration, growth was consistently under 2 per-cent. That’s not growth.

        You can still itemize deductions. High-income residents of California, Illinois, New Jersey, Connecticut will find their SALT (state and local tax) deductions capped. Good.

        Free market enterprise is far more efficient than centralized government planning. ACA was anything but.

        Obama drove debt from $10 trillion to over $20 trillion. You can’t pay that down with 1.5% annual growth. You can with a growth rate of 3-4 per-cent.

        1. Wealth Redistribution under OhBlah Blah……. Taking Joe the plumbers hard earned cash and giving it to people who are LAZY, Entitled, Ungrateful and contribute NOTHING to the workforce. “THE TAKERS”. ENOUGH IS ENOUGH. Pick up a BROOM for fck sake.

          If you are hungry and ask, iWill help. But its MY sandwich that iWorked for and iPAID FOR IT.

    3. Wells Fargo to Raise Minimum Hourly Pay Rate to $15, Target $400 Million in 2018 Philanthropic Contributions, Including Expanded Support for Small Businesses and Homeownership

      Wells Fargo & Company today announced an expansion of its ongoing investments in team members, communities, small businesses, and homeownership, pledging the following actions once tax reform is signed into law:

      Raising the minimum hourly pay rate for its team members to $15 per hour.
      Targeting $400 million in donations to community and nonprofit organizations in 2018. The company also announced that beginning in 2019, it will target 2 percent of its after-tax profits for corporate philanthropy.

      As part of this expanded philanthropy, targeting $100 million in capital and other resources over the next three years to support the growth of diverse small businesses and $75 million in 2018 to its NeighborhoodLIFT® program, an innovative public-private collaboration focused on sustainable homeownership and neighborhood revitalization.

      “We believe tax reform is good for our U.S. economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners,” said President and CEO Tim Sloan. “We look forward to identifying additional opportunities for Wells Fargo to invest, as we continue to execute our business strategies and provide long-term value to all our stakeholders. As the nation’s largest small business lender and residential mortgage provider, we understand our significant role in helping grow the economy.”

      Investing in our team members

      The company’s increased minimum hourly pay rate of $15 for U.S.-based team members goes into effect in March 2018. The new rate is an 11 percent increase to the current minimum hourly rate of $13.50 that the company announced in January 2017.

      “We’re ensuring that Wells Fargo is a great place to work by offering market-competitive compensation, career development opportunities, and a broad array of benefits,” Sloan said. “In addition to today’s announcement, over the past year we have added four additional paid holidays per year; enhanced our parental, caregiving, and backup adult care paid leave programs; and announced plans to grant restricted stock awards to approximately 250,000 team members that will vest in two years subject to grant terms. These awards are generally equivalent to 50 shares of Wells Fargo stock for eligible full-time team members and 30 shares for eligible part-time team members.”

      Expanding our philanthropic commitment

      The company’s plan to target $400 million in donations to nonprofits and community organizations in 2018 is an increase of approximately 40 percent from 2017. Wells Fargo already is one of the top corporate cash donors, ranking first among financial institutions and third among all U.S. companies in a 2016 report (most recent ranking) by The Chronicle of Philanthropy.

      “We understand the important role we play in helping our communities, so we will continue to identify additional opportunities where Wells Fargo can make a difference,” Sloan said. “Wells Fargo’s increased philanthropy will have a positive effect on the causes and communities we support and further enhance our Corporate Social Responsibility efforts, which will continue to focus on advancing diversity and social inclusion, creating economic opportunities in underserved communities, and accelerating the transition to a lower-carbon economy and a healthier planet.”

      Supporting more small businesses

      As part of this increased philanthropy, the company will target investing $100 million over three years, beginning in 2018, to provide access to capital to diverse small businesses through the continuation and expansion of the Wells Fargo Works for Small Business®: Diverse Community Capital (DCC) program. The program provides access to capital, technical assistance, financial services, mentoring and other resources for diverse small businesses that may not qualify for conventional bank loans. Since 2016, the DCC program has invested more than $55 million for diverse small businesses, including those owned by African Americans, Asians, Hispanics, LGBT individuals, veterans, Native Americans, and women.

      Creating more homeowners

      The company’s $75 million target for the NeighborhoodLIFT® program in 2018 is double the amount of the program in 2017. This innovative program delivers down payment assistance and financial education to homebuyers in collaboration with NeighborWorks® America and local nonprofit organizations. Since February 2012, LIFT programs have helped create nearly 15,500 homeowners in 57 communities across the country, and more than 52,000 individuals have received homebuyer education from NeighborWorks® America members. The majority of LIFT homebuyers are in the low-to-moderate income range.

      Gifts to Habitat for Humanity and United Way

      As announced earlier this week, Wells Fargo gifted $18 million to Habitat for Humanity International to support its services and to help with disaster rebuilding efforts in Texas, Florida, and Puerto Rico, and an additional $18 million to the United Way Worldwide to support the organization’s efforts to advance the health, education and financial stability of the underserved by helping one million people find jobs over the next five years. Both 2017 gifts will help to build stronger, more resilient communities by increasing access to basic needs such as stable housing, steady employment, and education.

      Source: Wells Fargo & Company

    4. Wasn’t that already planned since butt boy Pai delivered Big Telecom the huge windfall of future profits by allowing them ability to pick and choose what competitors could use their networks and at what rates?

      $1k per employee bonus is chump change compared to what everyone will be paying in the future to regain control of thr Trump defecit.

      1. Liberal media outlets are in every state, whether Pence lives there, or not.

        Article:

        “But the post-passage announcements served as yet another illustration of where middle-income earners fit into this once-in-a-generation tax cut: afterthoughts.”

        Ooooh, not good. Next Graf:

        “That’s not to say average Americans won’t benefit at all from the tax bill. They will.”

        Talk about having it both ways. Condemn first then immediately pivot and admit good.

        “The longer-term outlook is more complicated because Congress chose to make corporate tax cuts permanent while setting most individual provisions to expire after 2025, leaving the eventual effect on middle class households up to the changing political winds.”

        Inaccurate reporting! Specifically: “while setting most individual provisions to expire after 2025…”

        “Setting?” Report the whole truth for a change. By Senate rules it is mandated by law they expire in 2025. Amazing how reporting a half-truth can totally alter opinion. In this case, to denigrate the law.

        I have read and viewed the same shoddy reporting just about everywhere in the last 24 hours. So, if you are a media consumer — buyer beware …

    1. Dear Libtards,
      Fear not. After this tax reform bill is signed by Trump you are all free to voluntarily pay the old, higher, tax rates & you’re free to surrender more of your money to your government idols. But you won’t, because you’re a steaming pile of ideological hypocrisy.

      1. Let me get this straight, you work in a bank and make less than 15 dollars an hour. No wonder Wells Fargo has so many problems. The minimum wage for bank work should be 20 dollars an hour and that’s for janitorial services. Please. Heck it’s a wonder there are any accounts still in Wells Fargo. They have been paying less than 15 an hour. What the …?

          1. Botvinnik, I wish I could, but my country is under attack by those Godless communists pretending to be Republicans. They even have one of their on in the White House as President. You heard that mad man they to order the press to pray. This guy who has walked in on young naked girls, assaulted women by grabbing them by the … Out of his on mouth. Then this lying son of a gun says it was not him on the tape.

            No, I dare not sleep, best to keep a clear head too, cause that lying son of a gun pulled off one of the biggest heist ever and he’s not through.

            donald trump = liar.
            Where are the tax returns he promise to show. He made that promise.
            donald trump = liar.

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