[simsla]

No, not in any material way.

- When there's a rise in payroll tax across the board, I'd be extremely surprised all companies across the board raise their salaries. By default, a payroll tax hike will go out of the employee's cut.

- There are many huge companies whose payroll and profit are largely decoupled (as in, employee salaries are not a great indicator for company profit). Think McDonald's, Amazon, Walmart.