Wells Fargo CEO admits he won’t use his tax windfall to create more jobs

a reply to: soberbacchus

BCBS out of the home state of the company I work for.

originally posted by: soberbacchus

originally posted by: Throes

originally posted by: Southern Guardian
Can you still picture that money trickling down?

In an interview with CNN Money, Wells Fargo CEO Tim Sloan made it clear what he plans to do with the corporation’s tax windfall — and it doesn’t benefit the average American worker.

“Is it our goal to increase return to our shareholders and do we have an excess amount of capital? The answer to both is, yes,” Sloan told CNN Money. “So our expectation should be that we will continue to increase our dividend and our share buybacks next year and the year after that and the year after that.”

And it’s not just Wells Fargo that stands to benefit. Goldman Sachs could also see a tax break worth up to $6 billion dollars from the GOP tax bill.

thinkprogress.org...

That $1.5 trillion deficit is looking like a giant bottomless pit I tell ya. There's already a wide consensus among various economic groups, individuals, that this tax plan will do little to nothing to benefit the economy as a whole let along the lower classes. This is just a kickback for the rich.... plain and simple. Not sure what more evidence people want. Straight from the horses mouth.

I'm saving at least $3k next year it this passes. That's not chump change.

Before or after you healthcare premium or contribution spikes?

That would put you in the top quintile.

I also assume you have low state and property taxes? As the SALT was capped at 10K.

My healthcare premium stays the same.

No, I live in Taxylvania..exactly the opposite is true.

I do well for my family, upper middle if you wanted to put me somewhere on a scale.

Wait a moment... OP is a lie.
www.cnbc.com...

Wells Fargo, meanwhile, also said it would be boosting its minimum wage for employees to $15 an hour, which was prompted by the tax plan. The San Francisco-based bank also said it would target $400 million in donations to community and nonprofit organizations next year.

Oh, wait... I see, he's technically just paying his serfs more, not creating "new" jobs. WHAT AN OUTRAGEOUS FAILURE THIS TAX BILL IS!!!! *snort*guffaw*chortle*harumpf*harumpf*harumpf* One company, already fully staffed is going to give their lowest paid employees a generous raise instead of hiring more positions! Asshats! Turds! Thieves!!!

I wonder when the ridiculous narrative will run out of shields and defenders and be allowed to die the disreputable death it has so fully deserved to fall asunder to for the past 13 months?

AT&T giving $1000 to 200K employees. I guess we can thank Obama for this one, too?

originally posted by: burdman30ott6
Wait a moment... OP is a lie.
www.cnbc.com...

Wells Fargo, meanwhile, also said it would be boosting its minimum wage for employees to $15 an hour, which was prompted by the tax plan. The San Francisco-based bank also said it would target $400 million in donations to community and nonprofit organizations next year.

Oh, wait... I see, he's technically just paying his serfs more, not creating "new" jobs. WHAT AN OUTRAGEOUS FAILURE THIS TAX BILL IS!!!! *snort*guffaw*chortle*harumpf*harumpf*harumpf* One company, already fully staffed is going to give their lowest paid employees a generous raise instead of hiring more positions! Asshats! Turds! Thieves!!!

I wonder when the ridiculous narrative will run out of shields and defenders and be allowed to die the disreputable death it has so fully deserved to fall asunder to for the past 13 months?

Lawl You beat me to it. I just came rushing here to post this. #FakeNewsThread

All kinds of companies are now announcing bonuses and raises. Joke is on the Democrats not one of which was voting for this bill.

Well thats it then, it's all over now. Might as well just wrap it up and never try to rock the boat again, this guys not creating jobs with his tax cuts so every conservative in the USA might as well give up lay down and get ran over by the fascist socialist train. Sorry America we tried to limit the insane growth of the FED but this guy isn't going to create new jobs even though he has money, forget that demand for a service creates jobs, forget that fiat currency is basically a ponzi scheme, I'm going to go face dive into a woodchipper and call it a day.

originally posted by: burdman30ott6
Wait a moment... OP is a lie.
www.cnbc.com...

Wells Fargo, meanwhile, also said it would be boosting its minimum wage for employees to $15 an hour, which was prompted by the tax plan. The San Francisco-based bank also said it would target $400 million in donations to community and nonprofit organizations next year.

Oh, wait... I see, he's technically just paying his serfs more, not creating "new" jobs. WHAT AN OUTRAGEOUS FAILURE THIS TAX BILL IS!!!! *snort*guffaw*chortle*harumpf*harumpf*harumpf* One company, already fully staffed is going to give their lowest paid employees a generous raise instead of hiring more positions! Asshats! Turds! Thieves!!!

I wonder when the ridiculous narrative will run out of shields and defenders and be allowed to die the disreputable death it has so fully deserved to fall asunder to for the past 13 months?

I can’t wait to watch all of the D’s run to the tax cut around election time once it is working out really well.

originally posted by: introvert
a reply to: Wardaddy454

You being a socialist says it all.

As for the tax plan, its a start in the right direction, until you guys see all the money people have and wanna take it by raising taxes again.

No. It doesn't say it all.

Your projection is not a valid argument.

But yours is.

Ok.

originally posted by: burdman30ott6
a reply to: soberbacchus

BCBS out of the home state of the company I work for.

BCBS Premera?

I only ask for clarity. The way Health Insurance works is that an out-of-state provider still needs to be in-network and have agreed rates inside the state. Otherwise doctors visits and hospital visits wouldn't get paid in-network. They either are in Alaska or they aren't. BCBS is in Alaska via Premera BCBS of Alaska and BCBS Premera rates benefit from Obamacare aka "reinsurance"

Premera Blue Cross Blue Shield of Alaska filed a rate increase of 9.8% for 2017 individual metallic plans. The rate increase is significantly lower than past rate increases for 2015 and 2016. This is due to recent action by the Alaska State Legislature to create a state-based reinsurance program that stabilizes rates by spreading high medical costs across a broader base.

www.akbizmag.com...

a reply to: burdman30ott6

Wells-Fargo boosting the minimum wage of it's workers to $15 dollars an hour! Wow..28k a year! What were they paying them before? Meanwhile how many Billions did the GOP just give them?

a reply to: Southern Guardian

I see a IRS Audit in his Near Future..........

Democrats just dug themselves another hole by unanimously voting against tax cuts on the middle class. Now their minions are lying about how bad it's going to be for everyone bc rich people and corporations are evil. These people will never grow up.

originally posted by: soberbacchus
a reply to: burdman30ott6

Wells-Fargo boosting the minimum wage of it's workers to $15 dollars an hour! Wow..28k a year! What were they paying them before? Meanwhile how many Billions did the GOP just give them?

Thays funny because I remember liberals whining about raising minimum wage and a company does it and now it's not enough bc Trump has do to with it. You people have absolutely lost your marbles.

originally posted by: soberbacchus

originally posted by: Throes

originally posted by: Southern Guardian
Can you still picture that money trickling down?

In an interview with CNN Money, Wells Fargo CEO Tim Sloan made it clear what he plans to do with the corporation’s tax windfall — and it doesn’t benefit the average American worker.

“Is it our goal to increase return to our shareholders and do we have an excess amount of capital? The answer to both is, yes,” Sloan told CNN Money. “So our expectation should be that we will continue to increase our dividend and our share buybacks next year and the year after that and the year after that.”

And it’s not just Wells Fargo that stands to benefit. Goldman Sachs could also see a tax break worth up to $6 billion dollars from the GOP tax bill.

thinkprogress.org...

That $1.5 trillion deficit is looking like a giant bottomless pit I tell ya. There's already a wide consensus among various economic groups, individuals, that this tax plan will do little to nothing to benefit the economy as a whole let along the lower classes. This is just a kickback for the rich.... plain and simple. Not sure what more evidence people want. Straight from the horses mouth.

I'm saving at least $3k next year it this passes. That's not chump change.

Before or after you healthcare premium or contribution spikes?

That would put you in the top quintile.

I also assume you have low state and property taxes? As the SALT was capped at 10K.

So what opinion of Obama care which cause over 100% premium increases in some states. Or the Obama care tax that was just repealed. You probably shrugged your shoulders.

a reply to: avgguy

My mom is lower class and nothing changed for her except now she has to pay an extra 30$ a month for medicare.

a reply to: mkultra11

Yeah, I don't get this ether.
A bunch of big companies are raising the minimum wage across the board and giving out bonuses.
And they are specifically saying it's because of the tax bill.

Raising of the minimum wage is a big deal and it's nice to see these companies doing it on their own instead of the dem plan which was to force them to raise it by law.

a reply to: Southern Guardian

This sounds all negative and stuff, but really tax breaks are awesome!

The benefit is for the shareholders. Nothing wrong with shareholders. Some of the shareholders have regular jobs also. It's not like the working class can't be shareholders. Just buy in. See? Think about it like Communism if that's your style. Everybody can be the same and do the same and make progress -- by being workers buying shares. Awesome Capitalistic Communism Mysticism right here in the Republic!

a reply to: scraedtosleep

The tax plan seems to view those making less than about 40k/year less favorably. Mostly due to the way the math runs down the brackets in each tier. In tier 2 those making 21k/year are paying 21%. Those making 70k are paying 14% that 7% variance equates to about 53 bucks a paycheck for the 21k earner.

Tier 2 is the only one where this math really has an impact. Otherwise, those making above 40k should be feeling some love relatively

I laid it out mathematically for someone last night.


The tier 1 assumes 1 full time minimum wage employee. Tier 7 assumes 2mil/year. Otherwise each tier capcs from the range of income, respectively

a reply to: soberbacchus

This is called "looking a gift horse in the mouth".

To a non partisan your statement is exceedingly petty.

a reply to: bigfatfurrytexan

Thanks for the info.

My mom is not complaining that 30$ extra isn't a big deal. Basically nothing changed for her.
But we are worried about what will happen to her health cost now that the mandate is gone.
I'll be here to tell you all once I find out. I am hopeful that it will not change very much .