Corporate Tax Cut Reaction Update

THE BIG LIST OF TAX-CUT PAYOFFS, 14 companies announce bonuses, more pay, expansion, 12/24/17, WND

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.

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:

·       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 by year-end.

·       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.

·       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.

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http://www.wnd.com/2017/12/the-big-list-of-tax-cut-payoffs/