How Will the Tax Cuts Affect You?

posted by Bryan Quitania -

Are you wondering how the Tax Cuts will affect you? The last paragraph is a jaw dropper. CBS News actually looked at three sets of taxpayers to find out how the GOP plan would affect them....Armageddon marches on.

The PNC Financial Services Group, Inc. (NYSE: PNC) announced investments in its employee compensation and communities following the signing of the tax reform bill yesterday.

PNC will: Provide for employees in the defined benefit pension plan an additional $1,500 to their existing pension accounts.Provide a $1,000 cash payment to approximately 47,500 employees in the first quarter of 2018. This will impact all employees below a certain compensation band, representing approximately 90 percent of PNC employees.

Raise the minimum pay rate to $15 an hour by the end of 2018, accelerating the goal that has been underway for some time.

Make a $200 million contribution to the PNC Foundation, which supports early childhood education through PNC's Grow Up Great® initiative."The tax reform law creates an opportunity to reward our employees who are working hard each day to serve our customers, build strong relationships in our communities and create long-term value for our shareholders," said William S. Demchak, PNC's chairman, president and chief executive officer. "The Board's decision to recognize our employees and support our communities is reflective of our commitment to PNC's success."

Bank of America will give some of its employees a $1,000 bonus, citing the tax bill that was just signed into law.

"Beginning in 2018, we will see benefits from the tax reform ... in the form of lower corporate tax rates," CEO Brian Moynihan said in an internal memo to employees obtained by CNBC. He also said that about 145,000 employees will receive the bonus.

IAT Insurance Group will pay a $3,000 bonus to all non-executive employees on January 15, 2018. The additional bonus comes in response to the newly passed tax reform bill – the tax savings will be shared with approximately 700 employees.

Sinclair, one of the largest owners of local television stations in the country, announced Friday that around 9,000 full and part-time employees at all of its stations and subsidiaries, excluding senior-level executives and employees covered by collective bargaining agreements currently being negotiated, will receive a $1,000 bonus.

Sensing a domino effect?

So CBS News looked at three sets of taxpayers to find out how the GOP plan would affect them.

All three started out thinking that they would end up having to pay more. Such is the power of the spin that the Democrats and the media have been putting on the bill. All three are shocked to find out that they'll actually be paying less under the plan. They all seem happily surprised. Imagine as this gets played out across the country and people find out how the bill actually affects them rather than what the Democrats say.

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