Tax Reform: Americans Already Seeing Benefits
1,000,000 Plus American Workers And Counting Receiving Bonuses & Wage Hikes
Major Companies In Multiple Industries Have Announced Bonuses And Wage Hikes For American Workers
WELLS FARGO: With 250,000 plus employees “Wells Fargo, meanwhile, also said it would be boosting its minimum wage for employees to $15 an hour. The bank alsopo said it would target $400 million in donations to community and nonprofit organizations next year.” (“Wells Fargo, Fifth Third Bancorp Unveil Minimum Wage Hikes After Tax Bill Passage,” CNBC, 12/20/2017)
AT&T: “AT&T Is Giving $1,000 Bonuses To 200,000 Employees After Tax Bill: AT&T was quick to respond to news of U.S. tax reform, announcing it would give some employees bonuses once the legislation is signed into law. The telecom giant said in a press release Wednesday that it would give more than 200,000 U.S. union members a special bonus of $1,000.” (“AT&T Is Giving $1,000 Bonuses To 200,000 Employees After Tax Bill,” CNBC, 12/20/2017)
DARDEN RESTAURANTS: “Restaurant companies are joining the corporate chorus rushing to praise the tax bill Congress passed last month as Orlando-based Darden Restaurants said the legislation will save it about $70 million. Olive Garden and LongHorn Steakhouse parent company Darden Restaurants said the new tax reform plan will cut taxes by about $70 million in the third quarter. The Orlando-based restaurant chain said Monday the tax cut will prompt it to spend an additional $20 million on its 175,000-plus employees this year…” (“Darden Says Tax Reform Will Save It $70 Million,” Orlando Sentinel, 1/8/2018)
BOEING: “Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg praised the tax bill passed by Congress and about to be signed into law as a critical driver of business, economic growth and innovation for the United States and for Boeing…. While Boeing is still studying all of the provisions of the new legislation, Muilenburg announced immediate commitments for an additional $300 million in investments that will move forward as a result of the new tax law:
- $100 million for corporate giving, with funds used to support demand for employee gift-match programs and for investments in Boeing's focus areas for charitable giving: in education, in our communities, and for veterans and military personnel.
- $100 million for workforce development in the form of training, education, and other capabilities development to meet the scale needed for rapidly evolving technologies and expanding markets.
- $100 million for ‘workplace of the future’ facilities and infrastructure enhancements for Boeing employees.” (Boeing, Press Release, 12/20/2017)
BANK OF AMERICA: “Bank of America will give some of its employees a $1,000 bonus, citing the tax bill that was just signed into law. ‘Beginning in 2018, we will see benefits from the tax reform ... in the form of lower corporate tax rates,’ CEO Brian Moynihan said in an internal memo to employees obtained by CNBC. He also said that about 145,000 employees will receive the bonus.” (“Bank Of America Is Giving Some Employees A $1,000 Bonus, Citing Tax Bill,” CNBC, 12/22/2017)
AMERICAN AIRLINES: To more than 100,000 employees “We are pleased to announce that in light of this new tax structure and in recognition of our outstanding team members, American will distribute $1,000 to each team member (excluding Officers) at our mainline and wholly owned regional carriers. These distributions will total approximately $130 million and will be made in the first quarter of 2018.” (American Airlines, Press Release, 1/2/2018)
COMCAST: “Based on the passage of tax reform … Brian L. Roberts, Chairman and CEO of Comcast NBCUniversal, announced that the Company would award special $1,000 bonuses to more than one hundred thousand eligible frontline and non-executive employees.” (Comcast, Press Release, 12/20/2017)
U.S. BANCORP: “Minneapolis-based U.S. Bancorp today announced a $1,000 bonus for nearly 60,000 employees, a new minimum wage of $15 per hour for all hourly employees and a $150 million contribution to the U.S. Bank Foundation.” (“Banks Continue Post-Tax Reform Wage Increases, Community Investments,” Banking Journal, 1/2/2018)
SOUTHWEST: To more than 55,000 employees: “The Southwest Board of Directors authorized a bonus to all Southwest Airlines Employees to celebrate the recent passage of the tax reform legislation. All Fulltime and Parttime Southwest Employees employed with Southwest on Dec. 31, 2017, will receive a $1,000 cash bonus on Jan. 8, 2018.” (Southwest, Press Release, 1/2/2018)
PNC BANK: “PNC Financial Services Group announced today it would be investing in its employees with cash, retirement fund cash and an increase in minimum pay following today’s signing of the tax reform bill. The company said it will provide an additional $1000 cash payment to 47,500 employees and $1,500 to their existing pension accounts. The cash payment to 47,500 employees was estimated to reach 90% of PNC employees…” (“PNC Bank Announces Employee Cash bonuses After Tax Reform Bill,” CBS Pittsburgh, 12/22/2017)
NATIONWIDE INSURANCE: “Employees of Nationwide Insurance found out Wednesday they’ll be seeing a big bonus and an increase in 401(k) matching from the company. In an email sent to employees, the company announced it will provide bonuses of $1,000 and increase 401(k) matching from 50 percent on the first 6 percent of employee contribution to 50 percent on the first 7 percent of employee contribution. The company said in a statement the one-time bonus impacts approximately 29,000 front-line associates, managers and individual contributors across the country. The 401(k) action impacts approximately 33,000 associates.” (“Nationwide Gives Big Bonuses, Credits Tax Reform,” KCCI8, 1/3/2018)
BB&T CORP.: “Nearly three-fourths of BB&T Corp.’s employees will get a one-time $1,200 bonus in January as part of the bank’s response to the corporate tax rate cut signed into law Friday by President Donald Trump. … About 27,000 BB&T employees will receive the bonus. ... The bank had 37,189 employees as of Sept. 30, according to a regulatory filing. The bank also will raise its minimum hourly wage to $15 from $12 on Jan. 1, as well as provide $100 million to the bank’s philanthropic fund.” (“Banks Plan Bonuses, Wage Increases As A Result Of Tax Reform,” Martinsville Bulletin, 12/26/2017)
OLD DOMINION FREIGHT LINE INC.: CEO David Congdon on issuing $500 bonuses to 22,000 employees: “I am excited to share a bit of good holiday cheer with you today. The President has signed a historic tax reform bill that should reduce OD’s taxes and also generate growth for the U.S. economy. We expect that the anticipated improvement in the economy will create additional opportunities for use to WIN market share and grow our Company more than originally anticipated. … As a way of saying THANK YOU for continuing to deliver best-in-class service, and to share part of our anticipated 2017 tax savings with you, a one-time bonus payment for non-executives will be included in your paycheck this week.” (Old Dominion Freight Line, Inc., Press Release, 1/2018)
ALASKA AIRLINES: “Alaska Air Group said Thursday it has approved special one-time bonuses of $1,000 each for its 22,000 workers after Congress approved the Trump administration's corporate tax cut package. The money will be paid out to employees who work for Alaska Airlines as well as staff at its Virgin America, Horizon Air and McGee Air Services affiliates in Seattle and in other cities in the Pacific Northwest, Alaska and elsewhere across the United States, Alaska spokesman Bryan Zidar said. ... The bonuses will be shared with workers on Jan. 26, the company said.” (“Alaska Air Group Awards $1,000 Bonuses To Workers After Trump Tax Cut,” Puget Sound Business Journal, 1/4/2018)
JETBLUE: “On January 4, 2018 the JetBlue Senior Leadership Team shared the following note regarding the airline’s plan to distribute $1,000 to all of its 21,000 crewmembers… When tax reform looked like a real possibility late last year, we formed a team to think through what it could mean for each of these important groups. Many ideas are on the table but we believe our Crewmembers should be the first to benefit. With that in mind, we are excited to announce we will be paying every Crewmember employed as of December 31, 2017, a $1,000 bonus by the end of February!” (JetBlue, Press Release, 1/4/2018)
THE TRAVELERS COMPANIES, INC.: “…the Travelers Cos. Inc. told its staff Friday it will give bonuses of $1,000 to thousands of employees. Chief Executive Officer Alan Schnitzer said in a letter to employees that Travelers will give the bonuses in January to about 14,000 employees with a base salary of $75,000 a year or less and who meet ‘performance expectations.’” (“Travelers Cites US Tax Overhaul In Pledging $1,000 Worker Bonus,” Hartford Courant, 12/22/2017)
FIFTH THIRD BANK: “Fifth Third Bancorp will pay more than 13,500 employees a bonus and raise the minimum wage for its workforce to $15 after the passage of the Republican tax plan that will cut the bank's corporate tax rate.” (“Wells Fargo, Fifth Third Bancorp Unveil Minimum Wage Hikes After Tax Bill Passage,” CNBC, 12/20/2017)
CITIZENS FINANCIAL GROUP, INC.: “Citizens Financial Group, Inc. … announced a year-end decision to make additional investments in its colleagues and the communities it serves following the new law on federal tax reform. Specifically, the bank plans to: Grant approximately 12,500 colleagues a one-time $1,000 cash bonus, a cost of $12.5 million.” (Citizens Financial Group, Press Release, 1/2/2018)
TOTAL SYSTEM SERVICES INC.: “Total System Services Inc. … is crediting tax reform for cash bonuses going to their team members worldwide. A spokesperson for the Columbus, Ga.-based credit card processor best known as TSYS told Atlanta Business Chronicle that it made an internal announcement Tuesday that team members would receive a ‘special one-time cash bonus of $1,000’ as ‘a result of the company’s continued success and the recently passed U.S. tax reform legislation.’ TSYS, which is celebrating its 35th anniversary in 2018, has about 11,500 employees…” (“TSYS Credits Tax Reform For $1K 'One-Time Cash Bonus' To Team Members,” Atlanta Business Chronicle, 1/2/2018)
VISA: For its more than 11,000 employees “Visa? is raising its 401(k) matching for employees in response to tax reform.” (@CNBCnow, Twitter, 1/8/2018)
And More Than 100 Other Companies Including…
AAON AccuWeather Advance Financial Aflac American Bank American Savings Bank Americacollect Aquesta Financial Holdings Associated Bank Atlas Air Worldwide Ball Ventures BancorpSouth Bank Bank of Colorado Bank of Hawaii Bank of the James Bank of the Ozarks Canary LLC Central Bank of St. Louis Comerica Bank Commerce Bank Community Trust Bancorp Copperleaf Assisted Living CVS Dayton T. Brown Inc. Delaware Supermarkets Inc. DePatco, Inc. Dime Community Bancshares, Inc. Emkay, Inc. Ennis, Inc. Express Employment Professionals FirstCapital Bank of Texas First Farmers Bank & Trust First Financial Northwest, Inc. First Hawaiian Bank First Horizon National Corp. Flemington Car & Truck Family of Brands The Flood Insurance Agency Gate City Bank Great Southern Bancorp, Inc. HarborOne Bank Hartford Financial Services Group Inc. Hawaii National Bank IAT Insurance Group INB Bank Jordan Winery Kansas City Southern Melaleuca Mid-AM Metal Forming National Bank Holdings Corporation Navient Nelnet Nephron Pharmaceuticals Corporation Nexus Services, Inc. OceanFirst Financial Corp. Ohnward Bancshares Pinnacle Bank Pioneer Credit Recovery Regions Financial Corporation Royal Hawaiian Heritage Jewelry Rush Enterprises Sheffer Corporation Sinclair Broadcast Group South Point Hotel, Casino & Spa Stifel Financial Corporation Summit State Bank SunTrust Banks, Inc. TCF Financial Corporation Territorial Savings Bank Texas Capital Bank Turning Point Brands, Inc. Unity Bank Washington Federal Webster Financial Western & Southern Financial Group Western Alliance Bancorporation Windsor Federal Savings Yancey Bros. Zions Bancorporation
###
SENATE REPUBLICAN COMMUNICATIONS CENTER
Related Issues: Jobs, Economy, Taxes, Middle Class, Tax Reform
Next Previous
