Tax Reform is Resulting in Bonuses and then Some…

Mar 23, 2018 | communications •

In the three months since President Trump signed the Tax Cuts & Jobs Act into law, businesses across the nation have passed on their savings to their employees. You’ve heard about this…

4 million workers (and counting) benefitting.

$4 billion in employee bonuses.

400+ companies passing down savings.

40+ states announcing savings for utility customers.

And there is so much more happening under the hood of this taxmobile!

Many companies are also increasing wages, creating new jobs, and expanding 401(k)s and parental leave programs!

These businesses are small and large, corporate and family-owned. But they all have one thing in common… they’re passing down their savings to hardworking employees. Here’s how…

They’re increasing wages:

Increased wages provide peace of mind. It’s no question that most Americans can use a little extra cash. In the case of these companies, many of them increased their base wages, ensuring that their hourly employees are better taken care of.

Think of Capital One, where the minimum wage was increased to $15 per hour, or Dyer Capital, where minimum wage is now $22 per hour. In fact, more than 100 businesses have announced wage increases thanks to tax reform. BancorpSouth offered pay raises to more than 70 percent of its workforce, and United Bank gave roughly $100/month raises to all employees.

These increases are helping hardworking Americans across the nation. Maybe it’s a little more towards a child’s education or maybe this increase has helped some get ahead of their bills.

They’re hiring more workers:

A growing workforce means a thriving America. It means businesses are expanding and money is flowing. But more importantly, a growing workforce provides a sense of security to Americans because of a greater availability of jobs. For those just entering the workforce or those looking to transition into a new industry, more jobs means more opportunities.

Whether it’s big companies like Apple or Charter (each of whom are adding 20,000 new jobs thanks to their tax cut) or if it’s main street businesses like Jones Auto and Towing in Riverview, FL (who announced two new full-time hires), the ripple effect of tax reform means more job opportunities for aspiring workers across our nation.

They’re increasing retirement benefits:

Mixed into the 400 companies offering tax reform bonuses and benefits are those giving back to their employees through increased 401(k) contributions. Carter’s, Inc. announced $20 million toward increased retirement contributions, Kraft Heinz Company announced $1.3 billion in pre-funding of post-retirement benefits, and Eberle Communications Group, Inc. doubled its 401 (k) matches. These are just a few.

Retirement is something every American worker thinks about. Increased benefits on this front provide more peace of mind for those planning for their future.

They’re expanding (and creating) parental benefits:

The Tax Cuts & Jobs Act is also benefiting workers by helping them maintain a balanced and healthy home life. Many companies are passing down savings in the form of expanded maternity and paternity leave. Some companies, like CVS, actually created new paternity leave programs with the money they saved from tax reform.

Other businesses passing on such benefits include Starbucks, Walmart, and Lowe’s (who’s also added an adoption assistance program for their employees).

For everyday Americans, this mean more time at home with the family, more time connecting with their newborns, and more time adjusting to big life transitions. The Tax Cuts & Jobs Act is providing invaluable help to working families across the country.

And so much more:

As you can see, there is more to the tax reform benefits than first meets the eye. Just look at these…

Among other benefits, Disney and Nextier Bank are both giving tuition help to employees.

Autonation is offering a cancer benefit program to employees.

Wells Fargo is increasing charitable contributions by $400 million.

Sound Financial Bancorp is even providing down payment assistance to first-time homebuyers.

The list goes on!

The results of the Tax Cuts & Jobs Act have truly been remarkable. Bonuses, benefits, raises, charity, even adoption assistance. We can’t wait to see what’s next!