Jan 05, 2018
It’s Working: Businesses Pledge Billions of Dollars in New Investments & Bonuses for Their Employees; More Take Home Pay & More Jobs
Post by Freedom Partners
A Stronger Economy, Greater Opportunity & Prosperity for All Americans
House Minority Leader Nancy Pelosi (D-CA) warned of imminent apocalypse should the historic Tax Cuts and Jobs Act become law. Tax reform will be “the end of the world. This is Armageddon,” she proclaimed.
The tax bill will be a “one-two gut punch to the middle class,” Senator Chuck Schumer (D-NY) said despite the fact that the bill lowers rates for Americans at every income bracket.
So what was the actual result?
Just two days later with the legislation on the verge of becoming law, AT&T and Comcast announced billions in new investment, more jobs and more money for their employees, helping to expand opportunity, drive economic growth and lasting prosperity.
And despite the critics who said otherwise, the Tax Cuts and Jobs Act is already making a real difference for businesses and millions of employees and their families. To date, over 100 companies have announced similar investments.
Keep your eye on this page for updates as the benefits of the pro-growth tax law continue to take shape.
AAON Inc. Announced It Will Give $1,000 Bonuses To All Employees Excluding Officers. (Press Release, “AAON Announces Tax Reform Bonus for Employees,” AAON Inc., 1/2/18)
Accuweather Is “Providing Special Year-End Bonuses To All Employees” Now That Tax Reform Has Passed. (Press Release, “AccuWeather Announces Special Year-End Bonus and Other Investments to Cap a Year of Strong Financial Performance, Superior Accuracy,” AccuWeather, 12/26/17)
Tennessee Based Advanced Financial Will Increase It’s 401(k) Contributions For All Employees And Will Increase Its Share Of Profits For All Frontline Employees In Response To Tax Reform Passing. “In an email sent to all employees, Hodges outlined three ways in which Advance Financial is passing on tax savings: 1. Increasing its 401(k) match from 3% to 5% for all employees. 2. Increasing the share of profits that front line employees can receive from 3% to 5%. (Front line employees, who man Advance Financial’s 85 locations across Tennessee, account for 85% of the company’s 800+ employees.) 3. Increasing giving to the Advance Financial Foundation by 8%. (The foundation provides donations to non-profit organizations in communities served by Advance Financial.) The combined effect of the actions announced this morning will be an additional $500,000 to employees and more than $550,000 to community organizations in 2018 alone.” (Press Release, “Advance Financial Passes On Over $1 Million In Tax Saving to Employees and the Communities It Serves,” Advance Financial, 1/5/18)
Aflac Incorporated Announced Tax Reform Has Allowed Them To Increase It’s 401(k) Match From 50% to 100% As Well As Contribute An Extra $500 To Each Employees 401(k). (Melissa Quinn, “Aflac boosts employee benefits, pledged additional US investment due to tax bill,” Washington Examiner, 12/28/17)
“American Airlines To Distribute $1,000 To Each Team Member.” (Press Release, “American Airlines to Distribute $1,000 to Each Team Member,” American Airlines, 1/2/18)
American Bank Inc.
“American Bank Announces $1,000 Bonus For Employees, Citing Tax Bill.” (Press Release, “American Bank Announces $1,000 Bonus for Employees, Citing Tax Bill,” American Bank Incorporated, 12/22/17)
American Savings Bank
American Savings Bank, The Third Largest Bank In Hawaii, Announced It Will Give Employees A $1,000 Bonus And Will Be Raising The Minimum Wage To $15.25 An Hour Due To Tax Reform. (Dave Segal, “American Savings to give employees $1K bonuses, raise minimum wage,” Honolulu Star Advertiser, 12/23/17)
Wisconsin Based Americollect Announced It Will Be Giving It’s Roughly 250 Employees A Bonus Due To The Passage of Tax Reform. (“Americollect says employees will get tax reform bonus,” USA Today, 12/21/17)
Anfinson Farm Store
Iowa Based Anfinson Farm Store Will Give All Full-Time Employees A $1,000 Bonus And Will Raise Wages By 5%. “Anfinson Farm Store, a family business in Cushing, Iowa (population 223), has awarded $1,000 bonuses and raised wages 5% for all full-time employees as a result of tax reform. The good news was delivered to employees in person just after Christmas.” (John Kartch, “Anfinson Farm Store Awards $1,000 Bonuses and 5% Pay Raises,” Americans For Tax Reform, 1/9/18)
Aquesta Financial Holdings Inc.
North Carolina Based Aquesta Financial Holdings Inc. Announced It Will Provide All Employees With A $1,000 Bonus And Will Raise Its Minimum Wage To $15 An Hour. (Richard Craver, “Banks plan bonuses, wage increases as a result of tax reform,” Martinsville Bulletin, 12/26/17)
Associated Bank, The Largest Financial Institution Headquartered In Wisconsin, Announced It Will Be Raising It’s Minimum Wage To $15 And Will Be Giving Employees A $500 Bonus. (Paul Gores, “Associated Bank to boost minimum wage to $15, pay one-time bonuses when tax reform is signed,” Journal Sentinel, 12/22/17)
Assurant Inc., A Risk Management Solutions Provider Who Had Planned To Move Its Operations To Bermuda, Reversed Its Plans And Decided To Stay In Delaware Following The Passage Of Tax Reform. “Assurant Inc. ( AIZ ), a provider of risk management solutions, and Warranty Group, a provider of protection plans and related programs, as well as a portfolio company of TPG Capital, said they have amended the structure of their $2.5 billion transaction, previously announced on October 18, 2017. Under the revised terms, Assurant will acquire TWG Holdings Limited and its subsidiaries, and remain a Delaware corporation. This change follows recently enacted U.S. tax legislation and allows Assurant to simplify the overall deal structure as well as optimize the transaction financing mix.” (Press Release, “Assurant, Warranty Group Amend Deal Structure – Quick Facts,” Assurant Inc., 1/9/18)
Atlas Air Worldwide
Atlas Air Worldwide Will Give A $1,000 Bonus To Staff Below The Officer Level. “In appreciation of your significant efforts, the Company will be providing a special one-time bonus payment to all full-time flight and ground staff employees below the officer level. We are pleased to offer this bonus to our flight crew employees as the Union is in agreement. This bonus will be funded by a tax refund that the Company expects as a result of the newly enacted U.S. tax law. The $1,000 bonus will be provided in early January and is subject to applicable federal, state and local withholding taxes.” (John Kartch, “TWO MILLION Americans (And Counting) Will Receive Tax Reform Bonuses,” Americans For Tax Reform, 1/11/18)
AT&T Plans To Increase U.S. Capital Spending $1 Billion And Provide $1,000 Special Bonus To More Than 200,000 U.S. Employees. (Press Release, “With Tax Reform, AT&T Plans To Increase U.S. Capital Spending $1 Billion And Provide $1,000 Special Bonus To More Than 200,000 U.S. Employees,” AT&T, 12/20/17)
Idaho Based Ball Ventures, A Commercial Real Estate Company, Announced It Will Give Its Employees A $100 Bonus For Every Year They’ve Been With The Company. (Nate Eaton, “Ball Ventures announces bonuses for employees due to tax bill,” East Idaho News, 12/27/17)
Baltimore Gas & Electric
Maryland Based Baltimore Gas & Electric Announced Filed To Reduce Their Energy Costs As A Result Of Tax Reform Passing. “Today BGE will file with the Maryland Public Service Commission (PSC) to pass approximately $82 million in annual tax savings to customers, resulting from federal tax cost reductions. The Tax Cuts and Jobs Act, which decreased the corporate tax rate from 35 percent to 21 percent, was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018. If approved by the PSC, the average BGE residential electric customer can expect to see an estimated $2.31 decrease on their monthly bill, and the average residential combined natural gas and electric customer can expect an estimated $4.27 monthly reduction, effective in February 2018.” (Press Release, “BGE to Provide Federal Tax Reduction Benefits to Customers,” Baltimore Gas & Electric, 1/5/18)
BancorpSouth Bank Announced Pay Increases Or Bonuses to Nearly All Non-Commissioned Employees. “BancorpSouth Bank (NYSE: BXS) today announced an additional investment in its employees, which includes pay increases and /or one-time bonuses to nearly all non-commissioned employees. The investment of over $10 million in 2018 will benefit 96% of the Company’s non-commissioned workforce. Pay increases were effective January 1, 2018.” (Press Release, “BancorpSouth Bank Announces Investment in Employees,” BancorpSouth Bank, 1/3/18)
Bank of America Corp.
Bank Of America Corp. Announced That It Will Give $1,000 Bonuses To About 145,000 Employees Due To The Passing Of Tax Reform. (Rachel Louise Ensign, “Bank of America to Give Bonuses to About 145,000 Employees Following Tax Overhaul,” Wall Street Journal, 12/22/17)
Bank Of Colorado
Bank Of Colorado Will Give Each Full-Time Employee A $1,000 Bonus As A Result Of Tax Reform. “Bank of Colorado is paying a special bonus of $1,000 to each full-time associate to share the benefit of the tax cut passed earlier this month by Congress. … Bank of Colorado has 641 associates in Colorado and New Mexico. Customers will also benefit from the tax cut as Bank of Colorado has raised interest rates on its Money Market accounts.” (“Bank of Colorado to pay special bonus,” Journal-Advocate, 12/27/17)
Bank of Hawaii
Bank Of Hawaii, The States Second Largest Bank, Announced It Will Give $1,000 Bonuses To 95% Of Their Employees And Raise Minimum Wage To $15 An Hour. (Dave Segal, “Bankoh, First Hawaiian to give most employees bonuses, raise minimum wage,” Honolulu Star Advertiser, 12/22/17)
Bank of the James
Virginia Based Bank Of The James Raised Its Minimum Wage To $15 An Hour And Gave Employees With More Than A Year Of Service Extra Vacation Days. (“Banks Continue Post-Tax Reform Wage Increases, Community Investments,” ABA Banking Journal, 1/2/18)
Bank of the Ozarks
Bank Of The Ozarks Announced The Creation Of An Annual Cash-Based Incentive Bonus Plan For Hourly Employees Where They Are Eligible To Receive A Cash Reward Up To $1,200. (Press Release, “Bank of the Ozarks Announces Investment in Employees,” Bank Of The Ozarks, 12/28/17)
BB&T Corp. Announce That Nearly Three-Fourths Of Their Employees Will Receive A $1,200 Bonus Due To The Passing Of Tax Reform And They Will Also Raise Its Minimum Hourly Wage To $15 An Hour. (Richard Craver, “Banks plan bonuses, wage increases as a result of tax reform,” Martinsville Bulletin, 12/26/17)
“Boeing CEO Muilenburg Applauds Tax Law, Announces $300 Million In Employee-Related And Charitable Investments To Spur Innovation And Growth.” (Press Release, “Boeing CEO Muilenburg Applauds Tax Law, Announces $300 Million In Employee-Related And Charitable Investments To Spur Innovation And Growth,” Boeing, 12/20/17)
Canary LLC CEO Dan Eberhart Said “The GOP Tax Reform Bill Will Allow The Company To Hire More Employees And Buy More Equipment.” (John Kartch, “CEO: Tax bill allows us to hire more people, buy,” Americans For Tax Reform, 12/21/17)
Capital One Financial
“Capital One Financial Raises Minimum Wage.” (“Capital One Financial raises minimum wage,” CNBC, 1/11/18)
Central Bank Of St. Louis
Central Bank Of St. Louis Will Give All Full-Time Employees A $1,000 Bonus And All Part-Time Employees A $500 Bonus. “Central Bank of St. Louis employees will get a special bonus as a result of the new federal tax reform. Central Bancompany, Inc., which employs more than 2,500 people across four states, announced Friday that full-time employees would receive a $1,000 bonus and part-time employees would receive a $500 bonus.” (Stephanie Baumer, “Central Bank Of St. Louis Employees Get Bonuses Thanks To New Federal Tax Reform,” KMOV, 1/5/18)
Central Pacific Bank
Hawaii Based Central Pacific Bank Announced Its Plan To Give All Of Their Employees A $1,000 Bonus While Also Raising The Minimum Wage To $15.25 An Hour. (Dave Segal, “Central Pacific Bank to give $1,000 bonuses, increase minimum wage,” Honolulu Star Advertiser, 12/25/17)
Citizens Financial Group
Citizens Financial Group, The 12th Largest Retail Bank In The U.S., Announced It Will Be Giving $1,000 Bonuses To 7-% Of Its Workforce Due To The Passage Of Tax Reform. (Sean Higgins, “Citizens Financial Group awards $12.5 million in bonuses, citing tax reform,” Washington Examiner, 1/4/18)
Comcast NBCUniversal “Announces Special Bonus and Capital Investments” Due To Tax Reform Bill Passage. (Press Release, “Comcast Announces Special Bonus And Capital Investments,” Comcast NBCUniversal, 12/21/17)
“Comerica Announces Increase In Its Minimum Wage To $15 Per Hour And $1,000 Bonus To 4,500 Non-Officer Colleagues.” (Press Release, “Comerica Announces Increase In Its Minimum Wage To $15 Per Hour And $1,000 Bonus To 4,500 Non-Officer Colleagues,” Comerica Incorporated, 12/29/17)
Commerce Bancshares Is Giving All Full-Time Employees A $1,000 Bonus And Eligible Part-Time Employees A $250 Bonus Due To The Passage Of Tax Reform. (“Commerce Bancshares giving employees $1,000 bonus, citing tax cut,” St. Louis Post-Dispatch, 1/2/18)
Community Trust Bancorp Inc.
Kentucky Based Community Trust Bancorp, Inc. Announced It Will Provide All Full-Time Employees With A $1,000 Bonus And All Part-Time Employees With A $500 Bonus Due To The Passage Of Tax Reform. (Press Release, Community Trust Bancorp gives bonus to employees; cites new tax law,” Community Trust Bank, 12/26/17)
Copperleaf Assisted Living
Wisconsin Based Copperleaf Assisted Living Announced It Will Hand Out $60,000 In Bonuses To Employees Which Is Equal To The Entire Amount Of Savings They Would See Under The New Tax Reform Laws. (Mark Treinen, “Wisconsin business to award $600 bonuses to employees based on tax cuts,” USA Today, 12/22/17)
Dayton T. Brown Inc.
Dayton T. Brown Inc., An Engineering And Testing Company, Announce It Will Give Each Of Its Employees A $400 Bonus. (Tory N. Parrish, “Bohemia firm to pay $400 bonus to workers after tax reform,” Newsday, 12/22/17)
Darden Restaurants Said It Will Spend An Additional $20 Million On Its 150,000 Plus Employees Due To Tax Reform. “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, but did not give specifics.” (Kyle Arnold, “Darden says tax reform will save it $70 million,” Orlando Sentinel, 1/8/18)
Delaware Supermarkets Inc.
Delaware Supermarkets Inc. Will Give 1,000 Non-Management And Union-Represented Employees A $150 Bonus And Reinvest $150,000 Into Employee Training And Development Programs. (“Local Shoprite owner to hand out $150 bonus after passage of tax bill,” Delaware Business Now, 12/28/17)
Idaho Based DePatco Has Announced It Will Give All Employees Bonuses As A Direct Result Of Tax Reform. (Blog, “Tax Reform Bill Bonus Challenge,” DePatco, 1/4/18)
Dime Community Bancshares Inc.
Dime Community Bancshares Inc. Will Give All Non-Executive Employees A $1,000 Bonus As A Result Of Tax Reform. “The tax reduction represents an opportunity to build our business and to stimulate economic growth, and that is what we intend to do. Dime will: … Pay a one-time $1,000 bonus to all non-executive employees thereby enabling them to also share immediately in the benefits of the tax cut. No increases in base compensation resulting solely from the tax benefit are being considered, as Dime has long maintained market competitive compensation throughout the organization, and well in excess of statutory “minimum wage” levels.” (Press Release, “Dime Community Bank Putting Tax Savings Back Into the Economy,” Dime Community Bancshares, Inc., 1/5/18)
Elmer Smith Oil Company, Domino Transports, Inc. & Domino Food And Fuel, Inc.
More Than 300 Elmer Smith Oil Company, Domino Transports, Inc. And Domino Food And Fuel, Inc. Employees Will Receive A Bonus Due To Tax Reform. “Elmer Smith Oil Company, Domino Transports, Inc. and Domino Food and Fuel, Inc. employees will receive a bonus before the end of the year, President Martin Smith said on Wednesday. Smith said the bonuses are being paid from expected tax savings in 2018 and a very successful 2017. ‘Our employees have worked really hard the past year growing our company, we opened 3 new stores in the past 12 months and grew the size of Domino Transports, Inc. by more than 35%. The bonus will be paid to more than 300 employees. Smith said that he believes Congress passed the tax reform legislation to allow companies to have more cash to invest and grow the economy.” (“Company announces $100,000 in bonuses,” Shawnee News-Star, 12/29/17)
EMKAY, Inc. Announce All Full-Time Employees Will Receive A $1,000 Bonus In Response To Tax Reform. (Press Release, “EMKAY Uses Tax Reform to Reward Employees,” EMKAY, Inc., January 2018)
Texas Based Ennic, Inc. Will Give $500 Bonuses To More Than 2,000 Non-Management Employees. (Press Release, “Ennis, Inc. Announces Employee Bonus And Declares Special Dividend,” Ennis, Inc., 12/22/17)
ES Bancshares, Inc.
ES Bancshares, Inc. Will Give Full-Time Employees A $500 Bonus And Part-Time Employees A $250 Bonus.“ES Bancshares., Inc the parent company of Empire State Bank, announced December 21, 2017 that due to the signing into law the tax reform legislation which provides a reduction of corporate tax rates from 35% to 21% , it will be investing into its most valuable asset, its employees. Empire State Bank has provided a one-time bonus of $ 500.00 to its full time and $ 250.00 to its part time employees. Executive management was excluded.” (Press Release, “Press Release – Tax Reform: Shareholders, Employees And Communities All Winners,” ES Bancshares., Inc., 1/2/18)
ES Bancshares President And COO Thomas Sperzel: “’We Will Be Adding At Least 10 New Jobs And Expanding Our Footprint In The Staten Island And Brooklyn Communities.’” (Press Release, “Press Release – Tax Reform: Shareholders, Employees And Communities All Winners,” ES Bancshares., Inc., 1/2/18)
Express Employment Professionals
Oklahoma Based Express Employment Professionals Announced They Will Give All Nonexecutive Employees A $2,000 Bonus. (Adam Wilmoth, “Express Employment Professionals giving $2,000 bonuses, citing tax reform,” Tulsa World, 12/27/17)
Eversource, A Massachusetts Based Energy Company, Announced It Will Apply To Lower Its Energy Rates For Customers As A Direct Result Of Tax Reform. “Some Eversource customers who braced for higher charges could end up paying less for their electricity after the energy company proposed changes based on the new federal tax law. Eversource anticipates paying millions of dollars less in taxes under the tax law President Trump signed in December, which reduces the corporate income tax rate from 35 percent to 21 percent. … The Department of Public Utilities in November approved a rate increase of $12.2 million for Eversource customers in eastern Massachusetts and approximately $24.8 million for western Massachusetts. Eversource is now proposing to lower its existing rates for eastern Massachusetts by $35.4 million, along with a smaller hike of $16.5 million for its customers in the western part of the state.” (Katie Lannan, “With Benefit From New Tax Law, Eversource Says It Will Lower Rates For Mass. Customers,” WBUR, 1/4/18)
FedEx CFO Alan Graf: “If GDP Rises As A Result Of Tax Reform “We Would Likely Increase Capital Expenditures And Hiring.” (CNBC’s “Squawk Box”, 12/20/17)
Fiat Chrysler Automobiles
Fiat Chrysler Automobiles Announced It Will Modernize A Detroit Plant And Add 2,500 Jobs, Move Production Of Its Ram Heavy Duty Trucks From Mexico Back To Detroit And Give $2,000 Bonuses To 60,000 Employees Due To Tax Reform. “Fiat Chrysler Automobiles will invest more than $1 billion to modernize the company’s Warren Truck Plant in metro Detroit, adding 2,500 jobs and moving production of its Ram Heavy Duty trucks from Mexico. The changeover is to be complete in 2020. The company said Thursday evening that the new federal tax law made the shift possible. That legislation, signed into law in December, cut the corporate tax rate from 35% to 21%. FCA also announced $2,000 bonuses that will be paid in the second quarter of this year to 60,000 hourly and salaried employees in the U.S., excluding senior leadership. Those bonuses are to be in addition to any profit sharing or performance bonuses the employees would receive this year.” (Eric D. Lawrence, “Fiat Chrysler will invest $1B in Warren Truck plant; bring Ram work back from Mexico,” Detroit Free-Press, 1/11/18)
Fifth Third Bancorp
“Approximately 75 Percent Of Employees Will Receive A Pay Increase Or Bonus.” (Press Release, “Fifth Third Bancorp Invests In Employees,” Fifth Third Bankcorp. 12/20/17)
FirstCapital Bank Of Texas
FirstCapital Bank Of Texas Will Give A $500 Bonus To 197 Employees. (“Banks Announce Wage Hikes, Charitable Contributions after Tax Reform Bill Passes,” ABA Banking Journal, 12/20/17)
First Farmers Bank & Trust
First Farmers Bank & Trust Announced It Will Raise Their Minimum Wage By $2.50 And Provide A $750 Year End Bonus To All Full-Time Employees. (Press Release, “First Farmers Announces Employee Wage Raise And Community Investment Program,” Farmers First Bank & Trust, 12/26/17)
First Financial Northwest, Inc.
First Financial Northwest, Inc. Announced It Will Give $1,000 After Tax Bonuses To All Of Its Non-Executive Employees. (Press Release, “First Financial Northwest, Inc. Announces Special Tax Reform Bonus for Employees,” First Financial Northwest, Inc., 1/2/18)
First Hawaiian Bank
First Hawaiian Bank Will Give $1,500 Bonus To 2,264 Employees And Will Raise Minimum Wage To $15 An Hour. (Dave Segal, “Bankoh, First Hawaiian to give most employees bonuses, raise minimum wage,” Honolulu Star Advertiser, 12/22/17)
First Horizon National Corp.
First Horizon Announces $1,000 Bonuses Due To Tax Reform (“First Horizon Announces Bonus For Employees,” First Horizon National Corp., 12/27/17)
First Tennessee Bank
About 4,000 First Tennessee Bank Employees Wil Receive A $1,000 Bonus Due To The Passage Of Tax Reform. (Jim Gaines, “First Tennessee joins other banks giving tax cut bonuses,” USA Today, 12/27/17)
Flemington Car & Truck Country Family of Brands
Flemington Car and Truck Country Family of Brands Will Give All Full-Time Employees A $500 Bonus. “The new tax reform law is giving some benefits to New Jerseyans. The Flemington Car and Truck Country Family of Brands, a new and used car dealership in Flemington, is awarding each of its full-time employees a $500 bonus because of the recently passed federal Tax Cuts and Jobs Act. As a result of the corporate tax rate cut under the new law to 21 percent from 35 percent, the company will also look to upgrade its facility and hire additional workers. The dealership is 41 years old and has 17 brands in eight different locations.” (Vince Calio, “Central Jersey car dealership pays bonuses to employees as a result of new tax reform law,” NJ Biz, 1/8/18)
Gates City Bank
North Dakota Based Gates City Bank Plans To Reinvest $1.6 Million To Benefit Its Employees, Customers And The Community. (“In response to tax bill, Gate City Bank announces reinvestment plan,” Inforum, 12/29/17)
Great Southern Bancorp Inc.
Missouri Based Great Southern Bancorp Inc. Will Give All Full-Time Employees A $1,000 Bonus And All Part-Time Employees A $500 Bonus As A Direct Result Of Tax Reform. (Will Schmitt, “Citing GOP tax reform, Springfield bank to pay bonuses to all employees,” Springfield News-Leader, 1/4/18)
Massachusetts Based HarborOne Bank Announced That It Will Implement A $15 An Hour Minimum Wage And Give A Bonus Of $500 To More Than 600 Bank Employees. (David L. Harris, “HarborOne Bank to give $500 bonuses to 600 workers, citing tax reform,” Boston Business Journal, 12/27/17)
Hawaii National Bank
Hawaii National Bank Will Raise Its Minimum Wage As Well As Give A $1,000 Bonus To Employees. “Hawaii National Bank said it awarded $1,000 cash bonuses to its employees and raised its hourly minimum wage, following a trend started by the state’s largest banks in recent weeks. … The Honolulu-based bank is the sixth financial institution in the state to announce such changes, after Bank of Hawaii (NYSE: BOH) was the first to make its announcement last month.” (Anna Hrushka, “Sixth Hawaii bank follows bonus and minimum wage trend,” Pacific Business News, 1/4/18)
IAT Insurance Group
“IAT Insurance Group Announces $3,000 ‘Tax Reform’ Bonus for Employees.” (Press Release, “IAT Insurance Group Announces $3,000 ‘Tax Reform’ Bonus for Employees,” IAT Insurance Group, 12/21/17)
INB, A Washington Based Bank, Announced It Will Raise Their Minimum Wage To $15 An Hour And Provide $500 In Year End Bonuses To All Employees Except Senior Executives. (Becky Kramer, “INB increases wages, hands out bonuses due to tax reform bill,” Spokesman-Review, 1/2/18)
“All JetBlue Crewmembers To Receive $1,000 Following Tax Reform. (Press Release, “All JetBlue Crewmembers to Receive $1,000 Following Tax Reform,” JetBlue Airlines, 1/4/18)
California Based Jordan Winery Will Give All Eligible Employees A $1,000 Bonus In Direct Response To The Passage Of Tax Reform. (Press Release, “Jordan Winery Owner Creates 1 Country 1K In Response To Tax Cut Bill,” Jordan Winery, 12/22/17)
Kansas City Southern
“KCS Awards Year-End Bonus In Response To Passage Of U.S. Tax Bill.” (Press Release, “KCS Awards Year-End Bonus In Response To Passage Of U.S. Tax Bill,” Kansas City Southern, 12/21/17)
Lawrence Paper Company
Nebraska Based Lawrence Paper Company Gave All 300 Employees A $500 Bonus Due To Tax Reform. “The tax bill signed by President Donald Trump last month was met with mixed reviews by some wondering who it would truly benefit, but the Lawrence Paper Company who employs three-hundred workers throughout its Freemont, Nebraska, Lawrence and Hutchinson locations is confident the tax bill will contribute to their future success as a business. … Re-investing into its employees is the first step company owners took. This week, they surprised their 300 workers with the news each would receive a $500 bonus.” (Brenda Carrasco, “Hutchinson company gives employees bonus after tax bill,” KWCH, 1/10/18)
Idaho Based Melaleuca, A Health Care And Home Products Company, Announced That It’s 2,000 Workers Will Receive A $100 Dollar Bonus For Every Year They’ve Worked At The Company. (Kimberlee Kruesi, “Idaho company to offer bonuses following tax plan,” Associated Press, 12/21/17)
Mid-AM Metal Forming
Mid-AM Metal Forming Will Give All 140 Bonuses Due To The Passage Of Tax Reform. “Mid-AM Metal Forming is giving its 140 employees cash bonuses. The local company is one of many companies, like Jet Blue and AT&T, giving employees a bonus because of the tax law reform. … The company does metal stretch forming, bending, metal fabrication and painting services, according to the news release, serving aerospace, automotive, marine and architectural purposes. It is unclear how much the bonus will be.” (Cortlynn Stark, “Mid-AM Metal Forming to Give Employees Bonuses,” Ozarks First, 1/6/18)
Musicnotes, Inc., A Wisconsin Based Company, Will Give All Employees A 3% Salary Increase. “The new year brings a new salary increase for all 55 employees at Musicnotes, Inc., the worldwide leader in digital sheet music based in Madison, Wisconsin. Effective January 1st, the 3% salary increase is tied specifically to corporate tax reform and is in addition to Musicnotes’ existing annual raises to eligible employees.” (Press Release, “Musicnotes Announces Company-Wide Salary Increase,” Musicnotes, Inc., 1/8/18)
National Bank Holdings Corp.
“National Bank Holdings Corporation Announces $1,000 Bonus For More Than Half Of Its Associates.” (Press Release, “National Bank Holdings Corporation Announces $1,000 Bonus For More Than Half Of Its Associates,” National Bank Holdings Corporation, 12/27/17)
Nationwide Insurance Announced It Will Give Employees A $1,000 Bonus As Well As Increasing Their Contributions To Employee 401(k)’s. (Lauren Donovan, “Nationwide gives big bonuses, credits tax reform,” KCCI, 1/3/18)
Delaware Based Navient, Who Services And Collects Student Loans, Announced A $1,000 Bonus For All Non-Officer Employees. (Bill O’Boyle, “Navient shares tax credit with $1,000 bonuses to 6,700 employees,” Times Leader, 1/2/18)
Nephron Pharmaceuticals Corporation
Nephron Pharmaceuticals Corporation Will Give All Employees, Except Commissioned Employees, A Five Percent Raise. (Press Release, “Nephron Employees Receive Raises Thanks To Tax Cuts Law,” Nephron Pharmaceuticals Corporation, 12/27/17)
Nebraska Based Nelnet Announced All Employees Who Have Been With The Company For At Least Six Months Will Receive A $1,000 Bonus And Those Who Have Been There Less Than Six Months Will Receive A $500 Bonus, This Excludes Senior Managers. (Matt Olberding, “Nelnet, Pinnacle Bank announce plans for tax-related employee bonuses,” Lincoln Journal Star, 12/22/17)
OceanFirst Financial Corp.
“Oceanfirst Financial Corp. Announces Commitment To Increase The Minimum Hourly Wage To $15.” (Press Release, “OceanFirst Financial Corp. Press Release: “OceanFirst Financial Corp. Announces Commitment to Increase the Minimum Hourly Wage to $15,” OceanFirst Financial Corp., 12/22/17)
Ohnward Bancshares Will Give Every Company Employee A $1,000 Bonus As A Direct Result Of Tax Reform. (“Ohnward Bancshares announces tax relief, holiday bonus,” Clinton Herald, 12/22/17)
Pacific Power Plan To Pass Its Savings From Tax Reform Onto Its Customers Through Low Energy Rates. “The new Republican tax plan has brought a variety of tax cuts. Pacific Power says they are committed to passing the benefit of this tax cut on to customers. The full impact of this tax change will take several months to calculate. Also, any proposed changes to benefit customers, such as rate reductions, will then require the approval of the state public utility commission. As such, it will take some months before the company will be able to offer proposals on how best to pass these benefits to customers.” (Press Release, “Pacific Power says they will lower rates with tax cuts,” Pacific Power, 1/3/18)
Pepco Announced It Plans To File To Have Its Energy Rates Lowered As A Direct Result Of Tax Reform. “Pepco today announced they will file with the Public Service Commission of the District of Columbia in early February, outlining plans to provide annual tax savings to more than 296,000 electric customers in the District of Columbia. If approved, Pepco would plan to begin providing a credit lowering customer bills starting in the first quarter of 2018. The tax savings are the result of federal tax reductions under the new Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017, and became effective on Jan. 1, 2018. The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Pepco will have to pay.” (Press Release, “Pepco Outlines Plans To Provide Federal Tax Reduction Benefits To Customers In The District Of Columbia,” Pepco Holdings, 1/5/18)
Nebraska Based Pinnacle Bank Will Give A $1,000 Bonus To All Of Its Full-Time Employees. (Matt Olberding, “Nelnet, Pinnacle Bank announce plans for tax-related employee bonuses,” Lincoln Journal Star, 12/22/17)
Pioneer Credit Recovery
Pioneer Credit Recovery Will Give Employees A $1,000 Bonus As A Result Of Tax Reform. (Allissa Kline, “In the wake of tax reform bill, Pioneer Credit Recovery workers will receive $1K bonuses,” Buffalo Business First, 12/29/17)
PNC Financial Services Group
PNC Financial Services Group Will Give A $1,000 Bonus TO 95% Of Employees, Add $1,500 To Employees Defined Benefit Pension And Raise The Minimum Wage To $15 An Hour. (Patricia Sabatini, “PNC announces bonuses in wake of tax bill,” Pittsburgh Post-Gazette, 12/22/17)
Regions Financial Corporations
Regions Financial Corporations Will Increases Minimum Wage To $15 Per Hour, Contribute $40 Million To Benefit Communities, And Increase Capital Investments To Serve Customers. (Press Release, “Regions Announces Long-term Investments in Associates and Communities,” Regions Financial Corporation, 1/2/18)
Rocky Mountain Power
Rocky Mountain Power Plan To Pass Savings It Sees From Tax Reform Onto Its Customers. “Rocky Mountain Power says it plans to pass some of its federal tax savings on to customers. But, the company isn’t sure how much or when. … The utility said the full impact of the tax change will take several months to calculate and may require the approval of the Idaho Public Utilities Commission. As a result, Rocky Mountain Power said it would take several months before the company will be able to offer proposals on how best to pass along any benefits from the federal tax law.” (Press Release, “Rocky Mountain Power promises to share tax windfall,” Rocky Mountain Power, 1/4/18)
Royal Hawaiian Heritage Jewelry
Jackie Breeden, Owner Of Royal Hawaiian Heritage Jewelry, Said Tax Reform Will Help Her Expand Her Business. (Jim Mendoza, “Hawaii small businesses have big plans for tax savings,” Hawaii News Now, 12/21/17)
Rush Enterprises Inc.
Rush Enterprises Press Release: “Rush Enterprises Inc. To Provide $1,000 Discretionary Bonus To Employees As A Result Of Tax Reform.” (Press Release, “Rush Enterprises Inc. to provide $1,000 discretionary bonus to employees as a result of tax reform,” Rush Enterprises, 12/21/17)
Ohio Based Sheffer Corporation Will Give All Of Its Employees A $1,000 Bonus. (Press Release, “Portman Tours Sheffer Corporation as Employees Receive Bonuses After Tax Reform Bill Signed Into Law,” Senator Rob Portman, 1/2/18)
Sinclair Broadcasting Group
“Sinclair Broadcast Group Announces $1,000 Special Bonus As A Result Of Tax Reform.” (Press Release, “Sinclair Broadcast Group Announces $1,000 Special Bonus As A Result Of Tax Reform,” Sinclair Broadcast Group, 12/22/17)
South Point Hotel, Casino & Spa
Las Vegas South Point Owner Doubles Bonuses For 2,300 Full-Time Workers. “The owner of the property known for its equestrian roots in the southern part of the city announced Thursday that he’s doubling his 2,300 full-time workers’ bonuses thanks to a $1 million windfall he’ll receive as part of President Trump’s tax reform plan … Gaughan said on average, employees would receive just under $500 each, while some of the higher-compensated workers would get between $700 and $2,300.” (Richard N. Velotta & Nicole Raz, “Las Vegas South Point Owner Doubles Bonuses For 2,300 Full-Time Workers, Las Vegas Review-Journal, 1/4/18)
Southwest Airlines Co.
Southwest Airlines Co. Announces It’s Plans To Give A $1,000 Bonus To All Full-Time And Part-Time Employees Due To Tax Reform. (Press Release, “Southwest Airlines Rings In The New Year Under Tax Reform With Employee Bonus, Charitable Contribution, And Further Investment In Its Boeing Fleet Release,” Southwest Airlines, 1/2/18)
Stifel Financial Corp.
Missouri Based Stifel Financial Corp. Will Give Employees A $1,500 Bonus Due To The Passage Of Tax Reform. (“Stifel Gives Staffers Special Tax-Gift Bonus,” AdvisorHub, 12/26/17)
Summit State Bank
California Based Summit State Bank Announced A $2,000 Bonus To All Of Its Non-Executive Employees. (James Dunn, “Summit State Bank employees get Trump-administration windfall,” North Bay Business Journal, 12/29/17)
SunTrust Bank Announced It Will Raise It’s Minimum Wage To $15 An Hour, Make An Additional Contribution To Employee 401(k) Plans And Fund A $1,000 Financial Incentive For All Employees Who Complete A Financial Fitness Program. (Tom Bailer, “Banks cite tax reform in giving raises, bonuses,” Commercial Appeal, 1/3/17)
Tancey Bros. Co.
Georgia Based Tancey Bros. Co. Will Give Employees A $500 Bonus As A Result Of Tax Reform Passing. “Leaders of Austell-based Yancey Bros. Co. announced to its employees days ago that they would be receiving a $500 bonus as a direct result of the tax bill’s passage. A copy of an email to employees that contained the pronouncement was made available to the MDJ last week by a company employee and confirmed by a Yancey official on Thursday.” (Jon Gargis, “Tax overhaul boon for some Cobb workers,” Marietta Daily Journal, 12/29/17)
TCF Financial Corp.
TCF Financial Corporation Announced It Will Give $1,000 Bonuses To Full-Time Employees And $500 To Part-Time Employees As A Result Of The Tax Cuts and Jobs Act. (Press Release, “TCF Financial Corporation Announces Estimated Impact of Tax Reform,” TCF Financial Corporation, 12/26/17)
Territorial Savings Bank
Hawaii Based Territorial Savings Bank Will Give All Employees Below The Vice President Level A $1,000 Bonus And Will Raise The Minimum Wage To $15 An Hour As A Result Of Tax Reform. (Dave Segal, “Territorial joins other banks in giving out bonuses and raising minimum wage,” Honolulu Star Advertiser, 12/27/17)
Texas Capital Bank
Texas Capital Bank Will Give A $1,000 Bonus To A Majority Of Its Employees. (Press Release, “TCB Delivers Special Holiday Bonuses To Employees,” Texas Capital Bank, 12/22/17)
The Flood Insurance Agency
The Flood Insurance Agency Will Give $1,000 Bonuses To All Full-Time Employees. (“A Bright American Future,” The Flood Insurance Agency)
The Hartford Financial Services Group
The Hartford Financial Services Group Will Give All Employees Making Less Than $75,000 A Year A $1,000 Bonus Due To Tax Reform. “The Hartford Financial Services Group Inc. on Friday became the latest company to announce bonuses tied to a federal overhaul reducing the corporate tax rate. Chief Executive Officer Christopher Swift told reporters the investment and insurance company will distribute bonuses of $1,000 each to employees who are paid less than $75,000 a year. It’s an acknowledgment of their contributions, the CEO said. About 9,500 employees will benefit, Swift said after speaking at a meeting of the Connecticut Business and Industry Association.” (Stephen Singer, “The Hartford, Citing US Tax Overhaul, Gives $1,000 Employee Bonuses,” Hartford Courant, 1/5/18)
Total System Services Inc.
Georgia Based Total System Services Inc. Will Give All Employees Below The Director Level A $1,000 Bonus As A Result Of Tax Reform Legislation. (Eric Mandel, “UPDATE: TSYS credits tax reform for $1K ‘one-time cash bonus’ to team members,” Atlanta Business Journal, 1/2/18)
Travelers Cos. Inc.
Travelers Cos. Inc. Will Give All Employees With A Base Salary Of $75,000 Or Less A $1,000 Bonuses And Will Increase Its Minimum Wage To $15 An Hour. (Stephen Singer, “Travelers Cites US Tax Overhaul In Pledging $1,000 Worker Bonus,” Hartford Courant, 12/22/17)
Turning Point Brands, Inc.
Turning Point Brands, Inc. Announced $1,000 Bonuses For All Employees “As A Direct Result Of Tax Reform Becoming Law.” (Press Release, “Turning Point Announces New Round of Employee Bonuses Thanks to Tax Reform,” Turning Point Brands Inc., 12/28/17)
Unity Bancorp Inc.
Unity Bancorp Inc. Wil Provide All Employees, Excluding Executive Management, With $750 Bonuses. (Press Release, “Employees provided Bonuses in Response to Federal Tax Legislation,” Unity Bancorp Inc., 12/26/17)
U.S. Bank To Invest In Employees With $1,000 Bonuses And Raising Minimum Wage (“U.S. Bank To Invest In Employees, Community And Customers As A Result Of Tax Reform Package,” U.S. Bancorp, 1/2/18)
Visa “Said Monday It Will Strengthen Contributions To Employees’ 401(K) Savings Plans, As A Result Of The Recently Passed Republican Tax Law.” (Kayla Tausche & Chloe Aiello, “Tax Reform Prompts Visa To Raise 401(K) Match For Employees,” CNBC, 1/8/18)
Walmart Announced It Will Raise Its Minimum Wage To $11 An Hour, Expand Maternity And Parental Leave As A Result Of Tax Reform. “Walmart’s workers will soon reap the benefits of the recent tax law changes, as the world’s largest private employer raises its starting wage, creates new benefits and distributes bonuses to eligible workers. The big-box retailer announced Thursday it will increase its starting wage rate for hourly employees in the U.S. to $11, and expand maternity and parental leave benefits. Currently, Walmart’s starting wage is $9 until workers complete a training program. Then, they receive $10.” (Lauren Thomas And Courtney Reagan, “Walmart to raise its starting wage to $11, give some employees bonuses following tax bill passage,” CNBC, 1/11/18)
Walmart Will Also Give Bonuses Ranging From $200 To $1,000 Depending On The Employees Length Of Service. “Walmart will also pay a one-time cash bonus to eligible employees of as much as $1,000. The payouts, which should total roughly $400 million, will result in a one-time charge that the company will take in its fiscal fourth quarter. The bonuses will be determined by an employee’s length of service. Those workers with more than 20 years of experience will qualify to receive the full $1,000. However, workers with less than two years of experience will receive $200, a Walmart spokesman told CNBC. Employees with 15 to 19 years of service at Walmart will receive $750, while those with 10 to 14 years of work there will receive a $400 bonus, he said. Five to nine years of experience merits a $300 bonus, while two to four years of service will result in a payout of $250.” (Lauren Thomas And Courtney Reagan, “Walmart to raise its starting wage to $11, give some employees bonuses following tax bill passage,” CNBC, 1/11/18)
Seattle Based Washington Bank Announced A 5% Increase In Merit-Based Wages For All Employs Making Less Than $100,000 Annually As Well As Investing More In Employee Training Programs. (Dave Gallagher, “Washington bank announces pay raises, investment after tax reform passage,” The Bellingham Herald, 12/20/17)
“Washington Gas Announces Plans To Deliver $34 Million In Savings From Federal Tax Rate Reduction To Customers In The District Of Columbia, Maryland And Virginia.” “Washington Gas, a WGL Holdings, Inc. company (NYSE: WGL), announced plans today to file with state regulatory commissions in all three of its service territories, including the District of Columbia, Maryland, and Virginia, to pass through annual tax savings to the more than 1.1 million customers that the company serves across the region. If the recommendations are approved, Washington Gas has committed to providing a reduction in customer rates that would lower annual customer bills by approximately $34 million, beginning in the first quarter of 2018. The federal tax savings are driven by the Tax Cuts and Jobs Act of 2017, a new law passed on December 22, 2017, that went into effect on January 1, 2018. Reducing the corporate income tax rate from 35 percent to 21 percent lowers the amount that Washington Gas will have to pay in federal income tax.” (Press Release, “Washington Gas Announces Plans to Deliver $34 Million in Savings from Federal Tax Rate Reduction to Customers in the District of Columbia, Maryland and Virginia,” Washington Gas, 1/8/18)
Waste Management, Inc.
Waste Management, Inc. Will Give All North American Employees Not Already On A Bonus Or Incentives Plan. “Waste Management, Inc. (NYSE: WM) announced today that, in light of the meaningful contributions of its employees and the new U.S. corporate tax structure, the company will distribute US $2,000 in 2018 to every North American employee not on a bonus or sales incentive plan; that includes hourly and other employees.” (Press Release, “Waste Management to Pay Special Bonuses to Hourly and Other Employees,” Waste Management, Inc., 1/10/18)
Connecticut Based Webster Financial Is Pledging To Raise Its Minimum Wage To $15 An Hour As Well As Give Non-Executive Employees $1,000 Bonuses. “Webster Financial got in line with other companies boosting pay for employees after the federal tax cuts, pledging to raise its minimum wage to $15 an hour by the end of 2018, also awarding $1,000 cash bonuses to non-executive employees representing about 70 percent of its workforce. The Waterbury company runs Webster Bank and its HSA Bank division that administers health savings accounts, with more than 30 branches in southwestern Connecticut, a fifth of its total branch network. As of September, Webster reported having nearly 3,300 employees, up more than 100 from the start of the year, in a Federal Deposit Insurance Corp. filing. Under new CEO John Ciulla, Webster is also adding $1 million to its annual charitable and community contributions.” (Alexander Soule, “Connecticut bank goes to $15 minimum wage, bonus,” The Hour, 1/4/18)
“Wells Fargo To Raise Minimum Hourly Pay Rate To $15, Target $400 Million In 2018 Philanthropic Contributions, Including Expanded Support For Small Businesses And Homeownership.” (Press Release, “Wells Fargo To Raise Minimum Hourly Pay Rate To $15, Target $400 Million In 2018 Philanthropic Contributions, Including Expanded Support For Small Businesses And Homeownership,” Wells Fargo & Company, 12/20/17)
Western Alliance Bancorp
Western Alliance Bancorp Will Increase The Base Pay Of The Lowest-Paid 50% Of Employees By Around 10% As Well As Increase Contributions To Employee 401(K) Plans. (Rachel Louise Ensign And Christina Rexrode, “Banks Are Getting a Big Tax Cut. Wells Fargo, Others Plan to Share It With Employees,” Wall Street Journal, 12/20/17)
Western & Southern Financial Group
Western & Southern Financial Group Will Give Full-Time Employees A $2,000 Bonus And Part-Time Employees A $1,000 Bonus. “Downtown Cincinnati insurance giant Western & Southern Financial Group is the latest local company to give its employees bonuses at least partly as a result of the corporate tax cut. And its bonuses are bigger than most. Western & Southern, the $47 billion-in-assets life insurer with real estate and investment units, will give full-time employees a $2,000 bonus. It will give part-time employees a $1,000 bonus. But its bonuses are tied to company performance. CEO John Barrett said the company is paying those bonuses to recognize employees’ contributions to the company meeting its 2017 financial goals. But he also cited tax reform as spurring those results.” (Steve Watkins, “Western & Southern latest Cincinnati company to hand out tax cut-related bonuses (and these are bigger),” Cincinnati Business Courier, 1/8/18)
Windsor Federal Savings
Windsor Federal Savings Will Give All Non-Senior Management Employees A $250 Bonus And Will Raise The Minimum Wage To $15 An Hour For All Full-Time Hourly Employees. (Press Release, “Windsor Federal Savings Announces Tax Reform Bonuses, Minimum Wage Increase,” Windsor Federal Savings, 12/21/17)
YAM Worldwide Will Give All Employees Who Have Been With The Company Longer Than Six Months A $2,000 Bonus And Those Who Have Been With The Company Less Than Six Months A $1,000 Bonus. (Jackie Wattles, “Billionaire Bob Parsons praises tax bill and promises staff bonuses,” CNN Money, 12/22/17)
Utah Based Zions Bancorp Announced It Will Be Increasing Ongoing Compensation For More Than 40% Of Their Employees As Well As Providing Nearly 80% Of Its Employees With A $1,000 Bonus Due To Tax Reform. (Press Release, “Zions Bancorp Lifts Employees’ Compensation Due To Tax Cuts; To Provide Bonus,” Zions Bancorp, 1/2/18)
History proves that bold tax relief will benefit all Americans. Tax cuts under presidents Kennedy, Reagan and Bush resulted in strong economic growth, billions of dollars more in federal revenue, thousands of dollars more in take home pay and millions more jobs Americans deserve – READ MORE.