GOP Tax Bill: How It Has Already Affected Companies and Workplaces (And, Possibly, You)
Companies and businesses across the U.S. are actively changing their policies across the country in the wake of the new Tax Bill signed into law by U.S. President Donald Trump last month.
In what has been dubbed as the biggest overhaul of the U.S. tax code in three decades, the Tax Bill has prompted businesses in Fort Lauderdale and all across Florida and the country overall to revise their policies.
In fact, Walmart Stores, the world’s largest private employer with over 2.3 million employees, has recently announced it would increase minimum wage across the country to $11 per hour.
The news is exciting and somewhat surprising given that the media has been pretty skeptic about the Tax Bill and its provisions. But raising entry-level wages for hourly employees is not the only effect the Tax Bill is going to have on businesses and companies in the U.S. until 2026, our tax attorneys at Zuckerman Law, L.L.C. say.
Companies raise minimum wage after the Tax Bill
Walmart and several other companies have come forward to praise President Trump and fellow Republicans for the Tax Bill, as their businesses have benefited greatly from the tax reform’s provisions.
The minimum wage increase for Walmart employees across the U.S. would take effect next month, the company announced, adding that it would also offer more maternity and parental leave benefits from now on.
Walmart has also announced it would offer a one-time cash bonus, based on their length of service, of up to $1,000. The retailer currently employs over 1 million hourly employees across the country, all of whom are expected to benefit from the new policies and minimum wage increase.
The world’s biggest private company follows in the footsteps of other major U.S. companies such as AT&T Inc , Wells Fargo & Co, and Boeing Co, all of which have pledged to raise minimum wages for low-income workers.
The companies are willing to offer more pay and other benefits for workers as the Tax Bill cut the corporate tax rate to 21 percent from 35 percent, a major achievement for companies in Fort Lauderdale and all across the nation.
Walmart has increased its minimum wage for the third time in three years. In 2015, the retailer raised its minimum wage to $9 per hour. The following year, Walmart hourly workers who passed an internal training program were getting $10 an hour.
Walmart Stores Inc has spent an estimated over $2.7 billion to offer more pay for its workers over the past several years.
How will the Tax Bill affect YOU?
But minimum wage increase in some companies and business across the U.S. is not the only change that the Tax Bill has brought to workplaces and policies in companies across the country.
Zuckerman Law, L.L.C., home to some of the best tax lawyers in Fort Lauderdale, reminds U.S. workers that a taxpayer is no longer allowed a deduction for any settlement, payout or attorney fees stemming from sexual harassment or sexual abuse if they are subject to a nondisclosure agreement (NDA).
Starting January 1, 2018, the Tax Bill no longer allows taxpayers to deduct moving expenses that are incurred when workers and their families have to relocate to a new workplace. The tax reform allows some exceptions for military people though.
In order to figure out whether or not you will be affected by the Tax Bill in 2018, it’s advised to seek legal help from an experienced tax attorney, who would consult you about your particular tax situation.
Overhauls of the tax code can often be unexpected, and when there is no one to help you figure out how the Tax Bill affects you, you risk losing your hard-earned income or even getting slapped with legal action for evading your legal responsibilities as a taxpayer.