Wow!
Boeing
The aerospace and defense company immediately announced $300 million in investments after the bill passed, with $100 million toward corporate giving including employee gift-match programs, $100 million toward workforce development, training and education and $100 million toward enhancing Boeing’s workplaces.
Comcast
The Philadelphia-based telecom corporation said it would award $1,000 bonuses to more than 100,000 non-executive employees. In addition, Comcast (
CMCSA) NBC Universal Chairman and CEO Brian L. Roberts said the company plans to spend more than $50 billion in the next five years on infrastructure investments that are expected to create "thousands of new direct and indirect jobs."
In a press release, Comcast said the initiatives were "based on the passage of tax reform and the FCC's action on broadband."
Fifth Third Bancorp
The Cincinnati-based banking corporation said it would raise the minimum hourly wage for all employees to $15 per hour and dispense $1,000 bonuses for more than 13,500 workers. The company says tax reform was directly responsible for the initiatives.
Wells Fargo
Wells Fargo & Company (
WFC) said it would raise the minimum wage for its team members to $15 per hour and earmark $400 million for philanthropic initiatives in 2018. Some $100 million of that total will be committed to boosting small businesses, while $75 million will support neighborhood revitalization efforts.
“We believe tax reform is good for our U.S. economy and are pleased to take these immediate steps to invest in our team members, communities, small businesses, and homeowners,” said Wells Fargo President and CEO Tim Sloan. “
GOP tax bill: AT&T, Boeing among corporations rewarding employees
Staunch Manufacturing
Right now there are 33 employees working at the company, and 10 of those had been hired in the last four months.
"We just last week gave out year end bonuses and we were able to do more than we anticipated because of the way business is growing," Staub said.
Local manufacturing company excited by proposed tax cuts in GOP bill
FedEx announced that the company will ramp up hiring in response to the tax bill,
The Washington Postreports:
Executives at the package delivery company say the passage of the bill, which promises massive cuts to the corporate tax rate, would prompt the company to increase spending on hiring, as well as new equipment and technology. The company also projects the changes to amount to a $1.3 billion increase in annual profits, according to calculations by Bloomberg.
CVS Health announced in October that if the corporate tax rate went down,it would create 3,000 permanent new jobs.
“To the degree that we have [tax] relief, there’s a lot of investments that we think we can make within our business model that can more rapidly expand our business model across the country and deliver better care and higher quality and lower cost,” CFO David Denton
said. “So we would look to take the benefit of that and invest it clearly.”
INSTANT BOOM: American Businesses Announce Major Bonuses For Employees Because Of Trump Tax Reform
This is just the start of companies handing out bonuses, raising wages and boosting spending
CNBC
