While Democratic House leader Nancy Pelosi might dismiss it as mere “crumbs,” Starbucks employees across the country are getting a personal taste of the Trump effect on the economy — and it’s all good.
As public opinion of the Republicans’ $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 GOP’s tax reform bill, Starbucks announced this week that it will be giving its employees pay raises and stock grants. To throw more salt in the permanently open progressive wound, Starbucks says its also using the tax break to help it move forward with some pro-family measures. The Seattle Times reluctantly reports:
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. – READ MORE
[give_form id=”79809″] [divider][/divider]The Trump administration’s tax reforms will accelerate global economic growth, according to the latest forecast of the International Monetary Fund (IMF).
Total economic output for the world will grow 3.9 percent in 2018 and 2019, after adjusting for inflation. That would be the strongest year for global growth since 2011 and represents an upward revision of 0.2 percent since the IMF’s forecast in October.
When the IMF released its Global Economic Outlook in October, it assumed that U.S. tax policies would remain unchanged. In other words, it assumed Republican efforts to pass tax reform would fail.
The changes to the U.S. tax code are expected to be responsible for “about half” of the upward revision, the IMF. Much of that will arise from lower corporate income tax rates. The IMF estimates that lower rates will lead to an acceleration of business investment. As well, a larger federal budget deficit will stimulate the economy and boost U.S. growth, according to the IMF. – READ MORE
[give_form id=”79809″] [divider][/divider]A new CNN poll suggests that the tax reform bill which passed late last year has revived Republican hopes of maintaining both houses of Congress in the 2018 mid-term elections.
According to the poll, the difference between Republicans has narrowed to just five points, from ten to fifteen points before the wide-reaching tax cut passed. Now, voters prefer Democrats to Republicans only 49% to 44%.
CNN Poll: If the midterms were today, which party would you vote for? (Change from last)
Democrats 49 (-7)
Republicans 44 (+6)The trends are heavily in the favor of the GOP since the tax cut passed.
— Josh Jordan (@NumbersMuncher) January 21, 2018
While the “recovery” is by no means complete — and support is not yet guaranteed — the poll represents a significant change from the summer, when the GOP was struggling to shore up the support necessary to avoid major losses. Democrats are down 7 points from CNN’s previous poll, and Republicans are up 6 points from the same, suggesting a major change in voter sentiment. – READ MORE
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