As the Borg from Star Trek once said, resistance in futile--but #Resist they did, throwing themselves against the barricades to fight tax reform with as much vigor and passion as the vagina hat brigade fought Donald Trump. Nancy Pelosi predicted Armageddon if tax cuts passed. Larry summers said thousands would die. And when even that overheated rhetoric didn't work, leftists ranging from academia to the media reverted to their favorite canard that tax cuts would only benefit the wealthy.
Especially those corporate tax cuts! Why, there was no way those fat cat CEOs were going to share one thin dime of their ill-gotten gains. That was money they made off the backs of their workers, and if it wasn't going to pad their own bonuses they would just as soon use it to light their cigars. After all, when corporate America wasn't screwing its customers it was screwing its employees. Better to let the government keep the money and decide how to dole it out.
But then something funny happened when tax reform finally passed. Companies actually did start spreading the love, and they weren't shy about letting everyone know about it. Guy Benson from Townhall did a roundup of some of the liberal predictions versus the corporate reality, and it is delicious:
I just love that these companies are shouting these bonuses and raises from the rooftops. Not only does it lend even more confidence to the economy, it puts the lie to Democrat claims that supply side economics--what they derisively call "trickle down"--don't work. It's a smart public relations move on their part, showing that when they do well their employees do well. It also gives Congress incentive to make the new corporate rates permanent.
And to that roster of companies celebrating tax reform, we can now add Apple, Inc. The famed iPhone maker has already announced plans to repatriate $245 billion in cash that it had parked overseas to save on taxes. Under the new 15.5% repatriation rate, however, it finally makes fiscal sense to bring all that cash home--and in the process, Apple will remit $38 billion to the federal treasury.
Apple Inc. told employees Wednesday that it’s issuing a bonus of $2,500 worth of restricted stock units, following the introduction of the new U.S. tax law, according to people familiar with the matter.
Apple confirmed the bonuses in response to a Bloomberg inquiry Wednesday. The Cupertino, California-based company joins a growing list of American businesses that have celebrated the introduction of corporate-friendly tax law with one-time bonuses for staff.
Looks like a win-win all around--although why this should be a surprise to Democrats is a mystery. Wasn't it John F. Kennedy who, when talking about the need to cut taxes, said, "A rising tide lifts all boats?" Instead of fighting the tide, perhaps they should just get on board the boat.