Big unions are challenging American companies to show them the tax-cut money.
Before the sweeping tax cuts were passed late last year, major U.S. corporations joined President Trump and Republicans in Congress in vowing the reform would grow the economy, create jobs and raise wages. And since then, many have boosted minimum wages, doled out bonuses and increased spending and charitable giving.
But the unions want companies to go a step further. As part of ongoing contract negotiations or talks set to begin within months, unions including the Communications Workers of America, Service Employees International Union, the Teamsters and the American Federation of Teachers are asking companies such as AT&T and American Airlines to reveal how much the tax overhaul will fatten their profits and what they plan to do with the windfall. They’re demanding that the companies specify the portion of the gains that will be used to boost wages, bring back jobs from overseas and make capital investments as well as the amount going toward increasing executive pay and buying back stock.