Companies Not Delivering On Tax Cut Promises | Soshal Network, Social Circle Connection

Companies Not Delivering On Tax Cut Promises

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TYT Investigates subjects FedEx and UPS that declare tax obligation cuts will certainly open them as much as work with even more individuals. Cenk Uygur, the host of The Young Turks, simplifies. Inform us exactly what you think in the comment section listed below. Sign up with TYT:

" 5th in a collection on FedEx, UPS, and their placements on tax obligations as well as jobs

Although FedEx and UPS are actively functioning to boost the coming Republican tax costs, both companies have currently obtained numerous bucks in state tax advantages with blended cause regards to subsequent job production, inning accordance with lots of filings for tax breaks examined by TYT. In one case discovered by TYT, UPS won a tax obligation credit that called for task creation and also decreased to use it.

TYT formerly reported that both of these logistics market titans, two of The U.S.A.'s biggest companies, have actually spent numerous bucks in initiatives which can undercut development of full-time work– consisting of automation, driverless automobiles as well as drones, a contractor-based chauffeur version comparable to Uber, as well as making use of part-time trainee labor.

Both firms already have significant assets offered for use in brand-new hiring. UPS reported $49.6 billion in gross revenues for 2016, while FedEx reported $38.3 billion for fiscal year 2017. Both business likewise paid billions much more to their capitalists through rewards and supply buybacks.

Neither FedEx nor UPS replied to inquiries emailed by TYT about whether the companies would certainly broaden their very own headcount in reaction to a tax cut. But UPS Chief Executive Officer David Abney informed the audience at a September 20 event held by the Organisation Roundtable– a consortium of company Chief executive officers– that sprucing up the U.S. tax obligation system is "regarding expanding the American economic situation, developing tasks, as well as offering all of us a chance to be affordable." Publicly, FedEx CEO Fred Smith has just presumed regarding predict financial development and wage hikes for blue-collar employees."

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21 comments

  1. Posted by Chronix, at Reply

    Companies wont hire workers they dont need! Supply side economics is a con!

  2. Posted by Thomas Kilmer, at Reply

    The very notion that you can structure an economic plan around job creation, in this day and age, is just laughably absurd.

    As an anecdotal example of why this is so: A friend of mine interned for Tesla a year ago, wrote some of their automated parking algorithms. He said (and this was a year ago mind you) that they had the following goals for vehicular automation. 3~4 years to first commercial sales of the software and hardware necessary to automate transportation jobs. (So truck shipping, not just civilian transportation). And then 10 years to the complete automation of all teamster jobs worldwide. All of them. All 3 million truck drivers in the US are going to find themselves out of work with no replacement jobs created *in the next decade*.

    And that’s just one company. Talking about one area of work. This isn’t going to stop with teamsters. The number of work hours available to humans is going to plummet. Which makes all these politicians’ claims about restarting the economy and making new jobs just … sad. No. It’s not gonna work out like that. Any new jobs we create in the US are going to be dwarfed by the tens of millions of jobs that automation is going to eliminate in the next decade.

    Any plan we have *must* be one which is structured around an anticipation of job reduction, not job growth. Whether that plan is a universal income, reduction of the full-time work week (and accompanying minimum wage hike), basic services credits, another New Deal centered around government funded local artistic and care-oriented work, whatever it is the plan *must* be built around a prediction of work reduction.

    Anything else is just wishful thinking.

    • Posted by Debilitator47, at Reply

      These companies are dead set on eliminating jobs in order to increase profits, while failing to understand that unemployed people do not buy anything in meaningful qualities.

      The technologies we create should augment and improve human efficiency, rather than replacing humans. But they are short-sighted and do not understand.

  3. Posted by Rostyslav Dzhohola, at Reply

    Are there corporations that delivered on their promise to create jobs after receiving tax credits or tax cut ?

  4. Posted by T W, at Reply

    EXCELLENT INVESTIGATIVE REPORTING.  Great job TYT!  This is kind of return I want for my monthly investment in your organization.

  5. Posted by MarkimusMaximus9, at Reply

    Why when talking about tax cuts does TYT only focus on big corporations and not small biz and middle class? Things that make you say hmmmmm

  6. Posted by Kyle Tipton, at Reply

    Some companies like Fed Ex provide excellent benefits including a very low cost health insurance. Do you really think after the last moron in the White House that these insurance plans are getting cheaper?!….Didn’t think so.

  7. Posted by Leo SigloXX, at Reply

    Maybe forced trickle down is in order.

  8. Posted by Colonel 100, at Reply

    If I told a greedy thief to give 1000 dollars from my wallet to the orphanage. Will he do it ?

  9. Posted by riversong isbae, at Reply

    It’s a circle big company gets momey->big company bribes politicians with part of said money->politician finds ways to lift sanctions and get businesses more money, and all below either are not affected or are worse off (c’est la vie)

  10. Posted by KungFuChess, at Reply

    Thats called trickle down economics for a reason… can you feel urine trickling down over your heads yet?

  11. Posted by Godsbackhand7, at Reply

    22% is the highest estimated effective rate I have seen.  The actual estimation is that it’s more like 18.5%, which is on par or much less than most other countries.  Taxes are an excuse, not an issue.

  12. Posted by Bryce Logan, at Reply

    This report is missing some details needed before demonizing FedEx and UPS. Were those one-time or annual tax breaks? If a one-time break of $1.75 million created jobs employing 12 people for 3 years, that would be at rate of nearly $50k/per year (of which the employee might get $30k plus benefits, I suppose?)
    If the tax breaks were annual, then yes it seems out of line.

  13. Posted by sailormanariel, at Reply

    The truly sad thing is they have to cut actual state and local government jobs to give companies this money. People have to LOSE their actual government jobs to pretend to create private sector jobs.

  14. Posted by Natasha Mayton, at Reply

    FedEx has been on a hiring spree. Both office and hub. There is a big initiative to bring in more tech jobs. And FedEx just acquired TNT. And people wanting packages yesterday appreciate the automation.

  15. Posted by Sejez, at Reply

    If I vote for dems, small business gets screwed, if I vote for reps small business gets screwed. The only logical choice seems to be to mass slaughter single moms so we don’t have as big of a tax burden.

  16. Posted by yarnpower, at Reply

    Why would they hire more people if the job is getting done with their current workforce.

  17. Posted by EinChris75, at Reply

    Why is that crap still online? The numbers are WRONG. WRONG. WRONG. WRONG.

  18. Posted by Tia:Light, at Reply

    $875,000-(11.05*40*52*207)= -$3,882,688 Ok, so I did the math and 207 full-time jobs at the hourly wage of $11.05 = a grand total of almost $5mil ($4,757,688 to be exact). That’s huge. Of course, one would assume that hiring more productive workers will increase business and expansion and therefore would be worth it anyway, but apparently UPS doesn’t see it like that.

  19. Posted by Sparrowhawk, at Reply

    Shareholders don’t show up to meetings going “Did we make sure and give lots of jobs to the nice people?” Nope, they show up and say “I WANT MOAR MONEY FOR NOTHING”

  20. Posted by sophia daniels, at Reply

    you’d create more jobs if you just gave everybody who doesn’t want to work a living wage for doing nothing. because those people would go out and create demand for goods and services. the money would still end up in the hands of the corporations but it would have to flow through the economy to get there.