President Trump meets today with workers who are already benefiting from tax reform. These workers represent the many Americans who will be helped by the “Trump Bump” — new bonuses, hiring, and investment by great American businesses.
WASHINGTON EXAMINER: UBS: Biz ‘Optimism Soars,’ 79% Like Tax Bill, 68% Say Firms ‘Already Benefiting’
“The recently approved Trump tax reform package has supercharged business optimism according to global banker UBS. ‘Confidence dramatically higher,’ said the UBS note to investors….UBS said that the combination of a surging U.S. economy, new tax rate cuts, expected infrastructure investments and a significant reduction in regulations has companies, by a two-to-one margin planning to hire more workers and invest more in their companies.”
USA TODAY: Home Depot Giving $1,000 Bonuses to U.S. Workers after Trump Tax Cut
“Home Depot is doling out bonuses of up to $1,000 to U.S. hourly workers, becoming the latest major national employer to hand out checks after President Trump’s corporate tax cut….Workers with at least 20 years of experience will get the full $1,000 bonus, Home Depot spokesman Stephen Holmes said in an email. All hourly workers will get at least $200, he said.”
THE WALL STREET JOURNAL: Pfizer Plans $5 Billion Boost in U.S. Manufacturing from Tax Law Changes
“As a result of savings from the tax changes, Pfizer made a $200 million contribution to the company’s charitable foundation in the fourth quarter, plans to pay $100 million in bonuses to employees and will make a $500 million contribution to its U.S. pension plan by the end of September. The company said it plans to buy back $5 billion in shares this year and invest $5 billion in manufacturing and other capital projects in the U.S. over the next five years.”
THE COMMERCIAL APPEAL (MEMPHIS, TENNESSEE): FedEx Commits $3.2 Billion for Pay Increases, Pensions in Wake of Tax Cut Bill
“FedEx said it would commit more than $3.2 billion to wage increases, bonuses, pensions and expanded capital investment in the United States. The Memphis carrier announced the commitment Friday morning, and said it follows the decision by Congress to pass the U.S. Tax Cuts and Jobs Act. FedEx said it would spend $1.5 billion to expand its hub in Indianapolis over seven years and modernize and enlarge its Memphis SuperHub. More than $200 million in higher compensation is planned with about two-thirds of the amount earmarked for hourly employees and the rest going into performance-based incentive plans for salaried workers. FedEx also would add $1.5 billion to the employee pension plan.”
MILWAUKEE JOURNAL SENTINEL: American Family Insurance Joins List of Companies Giving Bonuses to Employees after Tax Cut
“American Family Insurance said Friday it will give 11,000 workers a one-time bonus of $1,000, becoming the latest U.S. company to pass some of the savings from federal tax reform to employees. The Madison-based insurer said the reduction in the corporate income tax rate also would help fuel permanent changes to its employee benefits program, such as expanded tuition reimbursement, help paying student loans and scholarships for workers who pursue a post-high school degree. In addition, American Family said its family leave program now will provide employees with paid leave to care for an ill child of any age or for a spouse or domestic partner.”
MILWAUKEE JOURNAL SENTINEL: Citing Tax Reform, Town Bank Joins Other Banks in Raising Minimum Hourly Pay to $15
“Town Bank is joining a growing list of Wisconsin and national banks in raising the minimum hourly wage for employees to $15. Town Bank, a Hartland-based bank owned by Wintrust Financial Corp., of Rosemont, Ill., said Wednesday the decision to increase the pay rate for eligible staff ‘comes as a result of the recently enacted tax reform legislation and the bank’s continued commitment to its employees.’ Wintrust said it expects that more than 600 employees will benefit from the pay raise across its family of more than 150 bank locations, including Town Bank’s 19 branches in Wisconsin.”
MILWAUKEE BUSINESS JOURNAL: BMO Harris Bank to Raise Minimum Wage, Charitable Giving Because of Tax Reform
“BMO Harris Bank Tuesday joined other banks, like Green Bay-based Associated Bank, in raising its minimum wage to $15 per hour because of the recent changes to the corporate tax rate. BMO Harris, based in Chicago but with a major presence in Milwaukee, said it will also raise its level of community giving by 10 percent in 2018 because of the tax reform law.”
WDAF-TV: Raytown Company Pays Workers a Tax Reform Bonus
“More than a hundred people work for Dynamic Fasteners, and though it’s not a pass through LLC or a corporation that will see the biggest benefits of a 21 percent tax rate, Owner Kevin Perz says he believes the tax cuts will be so good for the economy that he wanted to make sure he rewarded his employees for their loyalty. ‘We are giving a maximum of $1,000 per full time employee,’ Perz said. ‘It’s $200 for each year or partial year that you’ve been here. If you’ve been here four years and a day you get the thousand dollars. Part time employees get half of that.’ Workers will receive their bonus on February 15. That’s about the same time workers also should notice a boost in their checks from lowered federal tax rates.”
WITN-TV: Greenville Company Hands Out Bonuses, Credits GOP Tax Reform Bill
“A Greenville based company says it is giving all employees bonuses as a result of the GOP tax reform bill. The Hammock Source says employees will be immediately receiving a bonus up to $1,000 determined by the employee’s length of service with the company. The company says they are a direct result of the Republican tax reform bill.”
MINNEAPOLIS/ST. PAUL BUSINESS JOURNAL: Ecolab Says Tax Cuts Will Help Earnings, Allow $25 Million Contribution to Its Foundation
“Ecolab Inc. on Tuesday announced that the recently passed federal tax cuts will boost earnings and that the company will contribute $25 million to its foundation…. Ecolab also cited the tax law as it pledged to make a $25 million contribution to the Ecolab Foundation, which donates to communities where it does business for a wide range of needs, from hunger relief and affordable housing to the arts and education. It also helps global relief organizations during natural disasters.”
