A new report reveals that New Jersey workers haven’t seen significant monetary benefits following passage of the federal Tax Cuts and Jobs Act last year, despite claims that passage of the bill could boost individual wages by $4,000.
Data compiled by Americans For Tax Fairness showed that eight private employers in the state out of 193,960 have provided wage hikes or one-time bonuses as a direct result of the corporate tax cuts that resulted from the new law. And less than 3 percent of New Jersey private sector workers – including those employed by companies that are headquartered out of state – were promised one-time bonuses or wage hikes directly due to the tax cuts.
The data also show that six New Jersey companies used the tax breaks on $12.1 billion in stock buy-back programs and that the top five public companies in New Jersey -- Merck, Honeywell, Celgene Corp., PSE&G, Becton Dickinson and NRG Energy – are getting a combined $3.9 billion in tax savings as a result of the new law.
Only one of those – Merck – is initiating wage and bonus increases for its employees.