Tax Reform is Already Helping Everyday Americans

Jan 05, 2018 | Communications •

That’s right, we’re less than one week into 2018, and the benefits of the Tax Cuts & Jobs Act are already being seen across our great nation.

Despite the gloom and doom and armageddon talk from defenders of the status quo, the benefits of tax reform speak for themselves.

In the first few days of this new year…

More than 100 companies (so far) are paying their employees more!

With $1,578,260,000 (and counting) in employee bonuses!

And $1,662,400,000 (and counting) invested in the U.S. economy!

And that’s just week one.

Here are the companies taking action as a direct result of the Tax Cuts & Jobs Act (yes, they are actually crediting tax reform for their actions).

  • AAON – $1,000 bonus checks to 2,000 employees.
  • ACCUWEATHER – year-end bonuses to all employees. (Approx. 450 – 500 employees).
  • ADVANCE FINANCIAL – Increasing 401(k) match from 3 to 5 percent for all employees. Increasing the share of profits front line employees can receive from 3 to five percent. And an 8 percent increase in charitable giving.
  • AFINSON FARM STORE – $1,000 bonuses and raised wages 5 percent for full-time employees.
  • AFLAC – $250 million boost in U.S. investments and increased 401(k) benefits for workers, including a one-time contribution of $500 to every employee’s retirement savings account.
  • AMARILLO NATIONAL BANK –  $1,000 pay raise for more than 300 employees.
  • AMERICAN AIRLINES – $1,000 bonus to non-officer employees, totalling approximately $130 million in bonuses.
  • AMERICAN BANK – $1,000 bonuses for 60 employees.
  • AMERICAN COMMUNITY BANK – $500 bonus to each employee and announced additional hiring plans.
  • AMERICAN SAVINGS BANK – $1,000 bonus to 1,150 employees, nearly its entire workforce, and increased minimum wage to $15.15 per hour, up from $12.21 today.
  • AMERICACOLLECT – $300 – $500 bonuses for 250 employees.
  • APPLE – More than $350 billion to the US economy and add over 20,000 new jobs.
  • ASSOCIATED BANK – $500 employee bonuses (exact number receiving bonus unknown at this time); base wage will rise from $10 to $15 per hour
  • AT&T – $1,000 bonus to its 200,000 U.S. workers and $1 billion boost in U.S. investments.
  • AQUESTA FINANCIAL HOLDINGS – $1,000 bonuses to 95 employees; base wage hike to $15 per hour.
  • BALL VENTURES – $100 bonus to each employee for every year of their employment.
  • BANK OF AMERICA – $1,000 bonus for approximately 145,000 U.S. employees.
  • BANK OF HAWAII – $1,000 bonus for its 2,074 employees, or 95 percent of its workforce, and increased minimum wage to $15 per hour, up from $12 today.
  • BANK OF THE JAMES – $15 minimum wage raise for employees with more than one year of serve, and increased charitable giving.
  • BANK OF THE OZARKS – Bonuses of up to $1,200 for 2,300 employees.
  • BB&T – $1,200 bonuses for 27,000 employees; base wage will rise from $12 to $15 per hour; $100 million in charitable donations.
  • BERKSHIRE HILLS BANK – minimum wage to $15 per hour. Special, one-time bonus of $1,000 to over 1,000 employees covering over 70% of the Bank’s workforce, and a $2 million contribution to it’s charitable foundation.  
  • BOEING – $300 million boost in investments to employee gift-match programs, workforce development, and workplace improvements.
  • CANARY LLC – due to tax reform, the company will hire more employees and increase capital spending.
  • CENTRAL PACIFIC BANK – all 850 employees will receive $1,000 bonuses; base wage will rise from $12 to $15.25.
  • CITIZENS FINANCIAL GROUP – $1,000 bonuses for 12,500 employees and $10 million for charitable donations.
  • COMCAST – $1,000 bonuses to 100,000 employees; at least $50 billion investment in infrastructure in next five years.
  • COMERICA – $1,000 for 7,659 non-officer employees, totalling $7,659,000 in bonuses, and increased minimum wage to $15 per hour.
  • COMMERCE BANK – 3,450 employees will receive bonuses — $1,000 for full time employees and $250 for part time employees; $25 million in charitable donations.
  • COMMUNITY TRUST BANCORP – $1,000 bonuses for full time employees and $500 bonuses for part-time employees (exact number receiving bonus unknown at this time).
  • COPPERLEAF ASSISTED LIVING –  $200 – $600 bonuses for 175 employees.
  • DAYTON T. BROWN INC. – $400 bonuses for each of the 210 employees.
  • DELAWARE SUPERMARKETS INC.– $150 bonus to 1,000 non-management employees and $150,000 increased investment in employee training and development programs.
  • EMKAY, INC. – $1,000 bonuses for 150 employees.
  • ENNIS, INC.– $500 bonuses to 2,200 non-management employees.
  • EXPRESS EMPLOYMENT PROFESSIONALS – $2,000 bonuses to more than 200 non-executive employees.
  • FIFTH THIRD BANCORP – $1,000 bonuses for 13,500 employees; base wage will rise to $15.
  • FIRST CAPITAL BANK OF TEXAS – $500 bonus for 197 employees, totalling $98,500 in bonuses.
  • FIRST FARMERS BANK & TRUST – minimum bonus of $750 to each full time employee; base wage will rise by $2.50 per hour.
  • FIRST FINANCIAL NORTHWEST – $1,000 for 138 non-officer employees, totalling $138,000 in bonuses.
  • FIRST HAWAIIAN BANK – $1,500 bonuses to 2,264 employees; base wage increase to $15.
  • FIRST HORIZON NATIONAL CORP. – $1,000 bonuses to 4,000 employees.
  • FLEMINGTON CAR AND TRUCK COUNTRY FAMILY OF BRANDS – $500 bonus to each full-time employee.
  • GATE CITY BANK – $1,000 bonus to its employees and $500,000 increased donation to its local community.
  • GREAT WESTERN BANK – minimum wage up to $15, a special one-time $500 bonus or wage increase for nearly 70% of its workforce and doubling its annual contribution to charitable giving.
  • GULF COAST BANK – 50 percent increase in funds given to its community rewards program.
  • HARBORONE BANK – $500 bonus to 600 employees, totalling $300,000 in bonuses.
  • HUMANA – minimum wage up to $15 for all full and part-time employees.
  • IAT INSURANCE GROUP – $3,000 bonuses for 700 non-executive employees.
  • INB Bank – $500 bonuses to 200 employees. The bonuses will exclude the Senior Management Team.  The base wage will be raised to $15 per hour.
  • INSURER TRAVELERS, INC. – $1,000 bonus to employees who make under $75,000 per year, and increased minimum wage to $15 per hour for workers who make less than that.
  • KANSAS CITY SOUTHERN – $1,000 bonuses. (Exact number receiving bonus unknown at this time; the company employs 6,485).
  • KEYBANK – minimum wage to $15 and additional contributions to employees’ 401(k) accounts.
  • MELALEUCA – all 2,000 employees will receive a $100 bonus for each year they have worked at the company.
  • NATIONAL BANK HOLDINGS CORPORATION – $1,000 bonuses for employees making less than $50,000 (exact number receiving bonus unknown at this time).
  • NATIONWIDE –$1,000 bonus to 29,000 employees and increased contributions to 401(k) accounts for 33,000 employees.
  • NAVIENT – 98% of Navient’s 6,700 employees will receive a $1,000 bonus (approx. 6,566 bonus-eligible employees).
  • NELNET – $1,000 bonuses for 4,100 employees.
  • NEPHRON PHARMACEUTICALS – Five percent wage increase for its 640 employees.
  • NEXUS – 5 percent wage increase and plans to hire 200 new workers in 2018.
  • OCEANFIRST FINANCIAL CORP. – base wage increase to $15 per hour.
  • OHNWARD BANCSHARES – $1,000 bonuses for all 260 employees.
  • PINNACLE BANK – $1,000 bonuses for 1,007 employees.
  • PIONEER CREDIT RECOVERY – $1,000 bonus to its employees.
  • PNC FINANCIAL SERVICES GROUP, INC. – $1,000 bonuses to 47,500 employees; an additional $1,500 in employee pension accounts; base wage hike to $15; $200 million charitable contribution.
  • REGIONS FINANCIAL CORPORATION – base wage increase to $15 per hour; $40 million in charitable donations; $100 million in capital expenditures.
  • RUSH ENTERPRISES – $1,000 bonuses for all 6,600 employees.
  • SHEFFER CORPORATION – $1,000 bonuses for all 126 employees
  • SINCLAIR BROADCAST – $1,000 bonus to nearly 9,000 employees (full and part time) and excludes senior level executives.
  • SOUTHWEST AIRLINES – $1,000 bonuses for all 55,000 employees; $5 million additional charitable donations.
  • STIFEL FINANCIAL CORPORATION – $1,500 bonuses for 7,000 employees.
  • SUNTRUST – $15 minimum wage raise, $50 million increase in community grants, a one percent 401(k) contribution for all employees, and more.
  • TCF FINANCIAL CORPORATION – $1,000 bonuses for full time employees; $500 bonuses for part time employees (exact number receiving bonus unknown at this time).
  • THE FLOOD INSURANCE AGENCY – $1,000 bonuses for 17 full time employees.
  • TERRITORIAL SAVINGS BANK – $1,000 bonuses to 247 employees; base wage hike from $11.25 to $15.00 per hour.
  • TEXAS CAPITAL BANK – $1,000 bonus to 900 employees, totalling $900,000 in bonuses.
  • TOTAL SYSTEM SERVICES – $1,000 bonuses for 11,500 employees.
  • TRAVELERS – $1,000 bonus to 14,000 employees with a base salary of $75,000 or less, totalling 14,000,000 in bonuses.
  • TURNING POINT BRANDS, INC. – $1,000 bonuses for 107 employees.
  • UNITY BANK – all 200 non-executive employees will receive a $750 bonus.
  • U.S. BANCORP – $1,000 bonuses for 60,000 employees; base wage hike to $15 per hour; $150 million charitable contribution.
  • VISA – Increase its 401(k) match up to 5 percent of salary. 
  • WALMART – Increase starting wage rate to $11, expand maternity and paternity leave benefits and provide a one-time cash bonus of up to $1,000.
  • WASHINGTON FEDERAL – according to a company statement, “all Washington Federal employees in good standing and earning less than $100,000 per year will receive a 5% increase on top of their normal merit increase.”
  • WASTE MANAGEMENT – $2000 in special bonuses to about 34,000 employees.
  • WELLS FARGO – $15 minimum wage raise, up from $13.50 today, and increased charitable giving by approximately 40 percent to $400 million.
  • WINDSOR FEDERAL SAVINGS – $250 bonus for all employees with the exception of upper management.
  • WESTERN ALLIANCE – 7.5 percent wage increase for the lowest-paid 50 percent of its employees.
  • ZIONS BANCORP – $1,000 bonus to 80 percent of its employees, or 10,056 workers, totaling $8,045,000 in bonuses.

We’re just scratching the surface here. If you want to keep up with what businesses across America are doing in response to tax reform check out this running list on why tax reform works.