Meanwhile, Walmart, the nation’s largest private employer, announced it would spend an additional $700 million over the next two years on employee pay, thanks to the tax bill. That’s less than 5 percent of the company’s most recent annual profit. Walmart announced the closure of 63 Sam’s Club stores, which will result in hundreds of layoffs, the same week.
“Companies are probably more interested in a short-term public relations boost than anything else,” said Matt Gardner, a senior fellow with the Institute on Taxation and Economic Policy. “We can’t know whether these decisions had been made prior to the tax cuts.” Read more