Today on Squawk Box, Andy explains how the Republican’s tax plan will stimulate higher wages and new jobs. The small business (including franchisee) community are seeing an incentive to grow as a result of President Trump’s regulatory rollbacks and now tax reductions. After the passage of the Republicans’ tax plan last week, Fifth Third Bancorp and Wells Fargo said they would raise their minimum wages for employees to $15 an hour. Other major U.S. employers including AT&T, Bank of America, Boeing, Comcast NBC Universal and Sinclair Broadcasting are variously committing to special bonuses and pay hikes.
“You’re already seeing an increase in wages for people, which is what we haven’t seen since the end of the recession,” said Puzder. “This bill is a big deal, and I think people are going to see that in the coming months.”
When employers compete for workers, wages go up. When workers compete with each other for jobs, wages stagnate or decline, as they did in the Obama era. This bill will benefit working and middle-class Americans by reinvigorating that economic tide that lifts all boats, leading to a more participatory American economy and broad-based prosperity.
Click here if the video above does not load: https://www.cnbc.com/2017/12/26/andy-puzder-we-could-see-wages-continue-to-rise-on-tax-bill.html