McDonald’s Pockets $100 Million Dollar Windfall from GOP Tax Bill in Single Quarter, Refuses to Pay Workers Living Wage

Meanwhile, McDonald’s CEO awarded massive 42 percent raise, bringing his annual compensation to $21.7 million

CEO of one of President Trump’s favorite companies now makes 3,101 times its median worker’s compensation

FOR IMMEDIATE RELEASE:
Thursday, May 24, 2018

PRESS CONTACT:
press@notonepenny.org

Washington, D.C. — Not One Penny spokesperson Tim Hogan released the following statement in advance of McDonald’s annual meeting on McDonald’s refusing to pay its workers a living wage after raking in over $100 million dollars from the GOP tax bill in Q1 of 2018:

“What makes McDonald’s refusal to pay its workers a living wage even more shocking is the fact that the company pocketed over $100 million as a result of the GOP tax bill in only one quarter. Rather than use these massive tax breaks to provide living wages for its employees who work hard to make ends meet, McDonald’s chose to award its CEO with a massive 42 percent increase in executive compensation. We shouldn’t be surprised at all that President Trump’s favorite food chain is leaving working Americans in the dust.”

KEY FACTS:

• McDonald’s saved over $100 million in taxes in the first quarter of 2018 compared to what it would have paid under the 2017 tax rate.

• The CEO of McDonald’s got a 42 percent raise in 2017 (compensation is now $21.7 million compared to $15.3 million in 2016).

• McDonald’s pays its workers so poorly that its CEO makes 3,101 times more than its median employee salary.

• McDonald’s announced in 2015 a policy that dictated that workers get paid one dollar above the minimum wage. However, that policy applied just to the 1,500 stores it directly controls, not its 14,000 franchise locations.

• McDonald’s profits in the first quarter rose 35 percent and its stock recently hit an all time high.

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