More and More Workers Benefiting from Tax Reform
Every day since tax reform was signed into law by President Trump, we have seen more evidence that tax reform is working. Hundreds of employers have announced bonuses, wage increases, new investments, increased benefits, and new job openings in response to the Tax Cut and Jobs Act.
Here are a few other recent examples:
- ABC Home and Commercial Services (Austin, Texas) plans to increase employee benefits and wages.
- Apple will create 20,000 new jobs and will contribute over $350 billion in investments to the economy over the next five years
- Citizens Financial Group will award 12,500 workers a $1,000 bonus ($12.5 million total) and contribute $10 million to charitable donations.
- Fiat Chrysler is handing out $2,000 bonuses to 60,000 employees and creating 2,500 new jobs. The company will also invest $1 billion in a plant in Warren, Michigan.
- First Bank and Trust Company (Abingdon, Virginia) is raising the base wage for employees to $15 per hour
- Flemington Car & Truck Family of Brands is awarding each of its workers a $500 bonus.
- Flushing Financial Corporation (Uniondale, New York) is awarding full-time employees with $1,000 bonuses and part-time employees with $500 bonuses.
- Fulton Financial Corporation (Lancaster, Pennsylvania) is raising the base wage to $12 per hour and will provide an additional week of pay to employees. The corporation will also increase charitable donations by $2 million.
- JetBlue will hand out $1,000 bonuses to its 21,000 employees.
- JPMorgan Chase & Co. will increase the base wage 10%, on average, for $22,000 employees over the next five years. The company will also create 4,000 new jobs and increase charitable donations by 40% over the next five years.
- M&T Bank Corporation (Buffalo, New York) will raise the wage for hourly workers to $14 to $16 per hour (depending on location) and give its employees 40 hours of paid time each year for volunteer and/or employee resource group activities of their choice.
- Peoples Bank (Bellingham, Washington) will raise the minimum wage for hourly employees to $15 per hour and will increase its 401K match one point to eight percent for all eligible employees.
- Peoples Bank (Magnolia, Arkansas) will give its employees $500 bonuses and $50,000 in charitable donations.
- ReBath (Austin, Texas) plans to increase employee benefits and wages.
- South Point Hotel, Casino & Spa is giving more than $1 million in bonuses to its workers more than double the amount given in 2016.
- Southwest Airlines is giving out a $1,000 bonus to each of its 55,000 employees.
- Starbucks will create more than 8,000 new retail jobs and 500 manufacturing jobs this year. It also plans to put $250 million into new employee offerings, pay raises, and benefits (details will be announced later this year).
- Stifel Financial Corporation will be handing out $1,500 bonuses to the majority of its 7,000 workers.
- Summit State Bank (Santa Rosa, California) will give out $2,000 bonuses to all non-executive employees.
- Wal-Mart is increasing base pay to $11 and handing out bonuses of up to $1,000. Wal-Mart will also expand maternity and paternity leave and provide $5,000 in financial assistance to workers adopting a child.
- Walt Disney Company is giving $1,000 bonuses to 125,000 workers ($125 million total). Disney will also invest $50 million in employee educational programs.
- Waste Management, Inc. is awarding $2,000 bonuses to approximately 34,000 workers.
While many on the Left continue to dismiss the positive impacts of tax reform, real-world results speak for themselves. These reforms continue to drive wages higher, encourage job creation, expand employee benefits and fuel economic growth for families across the country.
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