Editor’s note: WND is chronicling the response by U.S. businesses to the biggest rewrite of the federal tax code since the 1980s Reagan administration and a tax cut of as much as $3.2 trillion in the form of this BIG LIST OF TAX-CUT PAYOFFS. It will be regularly updated as more companies respond.
WASHINGTON – Before the ink was even dry on President Trump’s signature on the Republican tax-cut bill, corporate America was not only toasting it, praising it and celebrating it, but handing out money to employees like Santa Claus.
It started with AT&T expanding its bonus program to an additional 200,000 staffers getting $1,000 apiece.
Next came Boeing announcing a gift of $300 million in investment in its employee-related charitable program “to support our heroes, our homes and our future.”
Wells Fargo and Fifth Third Bancorp announced they would raise their minimum wage to $15 in the New Year, with Fifth Third kicking in an additional bonus of $1,000 to 13,000 employees.
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Comcast NBC Universal anted up $1,000 bonuses to more than 100,000 non-executive employees, announcing the move was not only tied, like all the others, to the tax cut but to the Federal Communications Commission’s elimination of government regulation of the Internet. Comcast NBC Universal Chairman and Chief Executive Officer Brian L. Roberts added the company plans to spend more than $50 billion in the next five years on infrastructure investments that he expects will create “thousands of new direct and indirect jobs.”
In fact, before the bill was even passed, Kroger Chief Executive Officer W. Rodney McMullen offered that the legislation would influence his company “to continue to invest in our business, which will grow jobs.”
You might remember, former House Speaker Nancy Pelosi called the bill “Armageddon.”
Here’s the growing BIG LIST of companies reacting to the tax cuts with bonuses, more pay and expansion leading directly to new jobs, compiled from news reports and special interest organizations like Americans for Tax Reform:
- Walmart is increasing the minimum hourly wage for its U.S. employees to $11 and handing out bonuses of up to $1,000, crediting President Trump’s tax cut. Walmart is the nation’s largest private employer, with more than 1 million U.S. hourly employees.
- U.S. Bancorp, the parent company of U.S. Bank, announced a $1,000 bonus for nearly 60,000 employees. The bank also plans to increase its minimum wage for all hourly employees to $15 per hour, make “enhancements” to its employees’ health-care options, make an “additional investment in strategic projects centered on the customer experience” and make a one-time $150 million contribution to the U.S. Bank Foundation, the bank’s charitable arm.
- Kansas City Southern, the Missouri-based transportation holding company with railroad investments in the U.S., Mexico and Panama, said it would immediately give a one-time $1,000 bonus to non-executive employees of its subsidiaries in the U.S. and Mexico.
- U.S. Bank of America employees making up to $150,000 per year in total compensation – about 145,000 teammates – will receive a one-time bonus of $1,000.
- PNC Financial Services will give $1,000 bonus to about 47,500 workers.
- New Braunfels-based Rush Enterprises of Texas is giving each of its 6,600 employees a $1,000 bonus – a total of $6.6 million. Chief Financial Officer Steven Keller said: “You’ve got a choice – we could’ve kept it and stuffed it in the company bank account or coffers, or we can share it with the people.”
- Associated Bank in Wisconsin boosted its minimum hourly wage to $15 and paying workers a $500 bonus.
- Idaho health-care and home-products company Melaleuca Inc. is providing its 2,000 employees $100 bonuses for every year they worked for the company. The company has 147 employees who have worked for the company for 20 years or more.
- In Hawaii, Royal Hawaiian Heritage Jewelry plans to open up three more shops – in Honolulu, in Kauai and Maui in addition to its existing three shops.
- Washington Federal in Seattle will increase wages for most of its workers by 5 percent and is adding 25 people to its information-technology staff.
- Aquesta Financial Holdings in Cornelius, N.C., will raise hourly pay to $15 and will be giving $1,000 bonuses to all of it workers.
- Canary LLC announced it will hire new employees and purchase more equipment.
- First Hawaiian Bank said it will give out $1,500 cash bonuses to 2,264 employees, or all but 11 members of its senior management team. The state’s largest bank also will increase its minimum wage to $15 an hour from $12.75 an hour for 613 employees.
- Bank of Hawaii, the state’s second-largest bank, said it will give out $1,000 cash bonuses to 2,074 employees, or 95 percent of its workforce. The bonuses affect all employees below the senior vice president level. The bank also will increase its minimum wage to $15 an hour from $12 an hour.
- American Savings Bank, the third-largest bank in Hawaii, said it will award $1,000 bonuses to nearly all of its employees. In addition, the bank said it was increasing its starting wage to $15.25 an hour from $12.21 an hour.
- AT&T expanding its bonus program to an additional 200,000 staffers getting $1,000 apiece.
- Boeing gift of $300 million in investment in its employee-related charitable program “to support our heroes, our homes and our future.”
- Wells Fargo raises minimum wage to $15.
- Fifth Third raises minimum wage to $15 and offering bonuses of $1,000 to 13,000 employees.
- Comcast NBC Universal anted up $1,000 bonuses to more than 100,000 non-executive employees.
- AAON is giving $1,000 bonus checks to 2,000 employees. CEO Norman Asbiornson said it was a result of the new tax law and a “direct recognition” of his employees’ importance.
- AccuWeather distributed year-end bonuses to about 500 employees.
- Aflac is increasing its 401(k) match from 50 percent to 100 percent on the first 4 percent of compensation plus one-time $500 contribution to every employee’s 401(k). It also plans $250 million increase in U.S. investment.
- American Airlines confirmed $1,000 bonuses for every employee except officers. There are nearly 128,000 employees.
- Americacollect announced $300-$500 bonuses for 250 employees.
- Bank of the Ozarks announced bonuses of up to $1,200 for 2,300 workers.
- BB&T planned $1,200 bonuses for 27,000 employees and a boost in the base wage from $12 to $15 per hour. Charitable donations of $100 million also are being planned.
- Central Pacific Bank said each of its 850 employees will get $1,000 bonuses, and its wage will rise from $12 to $15.25.
- Citizens Financial Group is posting $1,000 bonuses for 12,500 employees and scheduling donations of $10 million to charities.
- Comerica Bank is raising wages to $15 per hour and giving bonuses of $1,000 to 4,500 non-officer employees.
- Commerce Bank is granting $1,000 bonuses for fulltime workers, $250 for part-timers, to a total of 3,450. Donations to charities also will reach $25 million.
- Community Trust Bancorp has $1,000 bonuses for full time employees and $500 for those who are part-time.
- Copperleaf Assisted Living has bonuses of $200-$600 for 175 employees.
- Dayton T. Brown Inc. is delivering $400 bonuses for each of the 210 employees
- Delaware Supermarkets Inc. announced $150 extra bonuses to 1,000 non-management personnel.
- Express Employment Professionals revealed bonuses of $2,000 to more than 200 non-executive employees
- Four thousand workers at First Horizon National Corp. are getting $1,000 bonuses.
- Gate City Bank gave $1,000 bonuses to 538 non-management personnel and announced $500,000 in additional charitable giving.
- INB Bank is giving $500 bonuses to 200 employees, and raising base wages to $15.
- National Bank Holdings Corporation has $1,000 bonuses for employees making up to $50,000.Nationwide Insurance is giving 29,000 workers $1,000 bonuses.
- Most of the 6,700 workers for Navient are getting a $1,000 bonus.
- Nelnet announced $1,000 bonuses for 4,100 employees.
- OceanFirst Financial Corp. – base wage increase to $15 per hour
- Ohnward Bancshares handed out $1,000 bonuses for all 260 employees.
- Pinnacle Bank had $1,000 bonuses for 1,007 employees.
- PNC Financial Services Group, Inc. gave 47,500 workers $1,000 bonuses, and there were extra contributions to pensions accounts.
- Sinclair Broadcast Group gave $1,000 bonuses to 9,000 employees.
- Southwest Airlines gave $1,000 bonuses to 55,000 employees, provided $5 million additional charitable donations.
- TCF Financial Corporation had $1,000 bonuses for full time employees.
- The Flood Insurance Agency had $1,000 bonuses for 17 full time employees.
- Territorial Savings Bank had $1,000 bonuses to 247 employees.
- Turning Point Brands, Inc. had $1,000 bonuses for 107 employees.
- Unity Bank – all 200 non-executive employees will receive a $750 bonus.
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