As expected, the GOP's tax scam is turning out to be nothing but bad news for American workers.
Many companies have loudly trumpeted one-time bonuses following passage of the Trump tax scam while quietly announcing massive layoffs. But one company now admits it will use the windfall to fund the gutting of over 5,000 jobs.
On Tuesday, personal care product corporation Kimberly-Clark the maker of Kleenex, Huggies, and many other popular brands announced that it will be closing or selling 10 facilities and shedding about 12 percent of its workforce as part of a so-called “Global Restructuring Program.”
Chief Financial Officer Maria Henry explained the effects of “tax reform” at the top of the call, first bragging that the tax savings would be the equivalent of a 6 percent increase in earnings.
“We also anticipate ongoing annual cash flow benefits from tax reform,” Henry continued, “that provides us flexibility to allocate significant capital to shareholders,” which is how many companies said they would use their tax windfall, rather than to create jobs.
Henry went on to say that those tax benefits would also fund “our restructuring program over the next few years.”
Since the passage of the tax plan, companies have continued to lay off workers while taking free publicity from Trump.
But Kimberly-Clark’s announcement is one of the largest, and apparently the first to openly admit that the Trump tax cuts are actively helping to close plants and kill jobs.
This is why Democrats fought against the Republican plan, and why it is so crucial that Democrats retake the House and Senate in November.