Perhaps, like McMillon implied, the tax law helped “accelerate” the implementation of otherwise inevitable wage increases. But Gregg Polsky, a tax professor at the University of Georgia, argued that even in a scenario in which the tax law did allow businesses to make major new investments, not nearly enough time has passed yet to translate that into higher wages.
Trump himself shared a video on Twitter of Fox Business discussing the news and declared, “Great news, as a result of our TAX CUTS & JOBS ACT!”
Those trends have not only continued through 2018, but intensified. Advocates and tax policy experts alike said on Thursday that it was shocking that the country’s largest employer hadn’t raised wages earlier.
The Trump administration was ecstatic with Walmart on Thursday, and for good reason.
“I think of this very much as correlation with the tax bill and not causation,” said Anastasia Christman, a research director at the National Employment Law Project.