Some Companies Are Laying Off Employees Amid Tax Cut Savings
Companies like Kimberly-Clark, Comcast, AT&T and Walmart are laying off employees following savings from the new tax law.
Using savings from new tax cuts, many U.S. companies have announced new investments into the country's workforce. Other companies, however, have used those savings to fund layoffs as well.
Earlier this week, Kimberly-Clark — which makes Huggies and Kleenex — said it would use its savings from the new tax law to help pay for a $1.5 billion to $1.7 billion restructuring program. That restructuring program will involve laying off 5,000 to 5,500 people.
Other companies — like Comcast, AT&T and Walmart — have made similar decisions, touting bonuses and investments amid the layoffs as well.
In regards to AT&T's decision, an official with the Communications Workers of America union told the IndyStar: "We believe there's more than 4,000 people AT&T has [notified of layoffs] across the country. We believe the $1,000 bonus and the promise of 7,000 new jobs are all a publicity stunt."
Politicians like Senate Minority Leader Chuck Schumer have taken notice of this trend. In a speech made Wednesday, the senator said Kimberly-Clark's announcement was "evidence that big corporations are not turning their new tax cut into jobs."
GoodRx to pay penalty to FTC; feds claim it shared health information
The FTC is pushing consumers to check their privacy settings after alleging GoodRx shared health information with advertisers without user consent.By AP
Boeing bids farewell to an icon, delivers last 747 jumbo jet
Since 1969, the 747 has served as a cargo plane, a commercial aircraft capable of carrying nearly 500, and the Air Force One presidential aircraft.By Jennifer Buchanan / The Seattle Times / AP
McDonald's Among Companies Trying To Stop California Minimum Wage Hike
In-N-Out, Chipotle, Starbucks, Chick-Fil-A, Panda Express, and Domino's are among several companies opposing the $22 an hour minimum wage increase.By Nam Y. Huh / AP
Meet the musician teaching the banjo's African roots
As he performs across the country, Jake Blount is helping listeners learn how the banjo relates to Black American culture.By Scripps News
How authorities are combatting counterfeit Super Bowl gear
There's a spike in fake sports gear around the Super Bowl each year, and criminals are getting savvier and more sophisticated.By AP
This is how South Carolina is fixing the correctional officer shortage
A lack of correctional officers across the country is expected to worsen, but South Carolina is making changes to recruit and retain more workers.By Scripps News