The number of companies reacting to the new tax reform plan with employee bonuses, pay hikes, and additional in benefits is on pace to hit 100 by the end of the day.
President Donald J. Trump’s December tax reform victory has led to thousands of financial benefits for workers, via their employers. Some of those employers have also announced additional contributions to charities, as well.
Americans for Tax Reform (ATR) is keeping a running tally of the companies who are announcing significant bonuses and changes due to the Tax reform, On Wednesday, there were some 40 names on the list. By Thursday morning, that number is 80 and growing.
According to ATR’s vice president of communications, John Kartch, “Small businesses from across the country are sending me news of their tax-cut bonuses, wage hikes, and charitable donations. Many of these were only announced internally. There is a broad and deep tsunami building.”
Kartch believes the list will number over 100 by the end of the day Thursday.
Below is his list as of 10 a.m. ET on Thursday:
- AT&T — $1,000 bonuses to 200,000 employees; $1 billion increase in capital expenditures.
- AAON — $1,000 bonus checks to 2,000 employees
- AccuWeather – year-end bonuses to all employees. (Approx. 450 – 500 employees)
- Aflac – increase 401(k) match from 50% to 100% on the first 4% of compensation plus one-time $500 contribution to every employee’s 401(k); $250 million increase in overall U.S. investment.
- American Airlines — $1,000 bonuses for every employee (excluding officers). The bonuses will total $130 million. AA had 127,600 employees as of Sept. 2017.
- American Bank – $1,000 bonuses for 60 employees
- American Savings Bank – $1,000 bonuses to 1,150 employees; base wage increase from $12.21 to $15.25
- Americacollect – $300 – $500 bonuses for 250 employees
- Aquesta Financial Holdings — $1,000 bonuses to 95 employees; base wage hike to $15 per hour
- Associated Bank – $500 employee bonuses (exact number receiving bonus unknown at this time); base wage will rise from $10 to $15 per hour
- Ball Ventures – details coming
- Bank of America — $1,000 bonuses to 145,000 U.S. employees
- Bank of Hawaii – $1,000 bonuses to 2,074 employees; base wage increase from $12 to $15
- 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
- Boeing — $100 million in charitable donations; $100 million for workforce development; $100 million for infrastructure and facilities
- 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
- Colling Pest Solutions – details coming
- Comcast — $1,000 bonuses to 100,000 employees; at least $50 billion investment in infrastructure in next five years
- Comerica Bank — $1,000 to 4,500 non-officer employees; base wage increase 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
- Copperleaf Assisted Living – $200 – $600 bonuses for 175 employees
- Cornerstone Holdings – details coming
- Dayton T. Brown Inc. (engineering/testing company) — $400 bonuses for each of the 210 employees
- Delaware Supermarkets Inc. — $150 extra bonuses to 1,000 non-management personnel
- DePatco, Inc. – details coming
- Eagle Ridge Ranch – details coming
- East Idaho News – details coming
- Elite Roofing Systems – details coming
- Elite Clinical Trials – details coming
- 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 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
- Frank L. VanderSloot Foundation – details coming
- Fort Ranch – details coming
- Gardner Company – details coming
- Gate City Bank — $1,000 hand-delivered bonus checks to 538 non-management personnel; $500,000 higher charitable giving; $500,000 worth of free home appraisals.
- Get Found First – details coming
- 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
- Kansas City Southern — $1,000 bonuses. (Exact number receiving bonus unknown at this time; the company employs 6,485)
- Kauai Cattle LLC – details coming
- Melaleuca – all 2,000 employees will receive a $100 bonus for each year they have worked at the company
- Move It Or Lose It Moving LLC – details coming
- National Bank Holdings Corporation – $1,000 bonuses for employees making less than $50,000 (exact number receiving bonus unknown at this time)
- Nationwide Insurance — $1,000 bonuses to 29,000 employees; increased 401(k) matching contributions for 33,000 employees
- Natural Guardian – details coming
- 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
- OceanFirst Financial Corp. – base wage increase to $15 per hour
- Ohnward Bancshares — $1,000 bonuses for all 260 employee
- Pinnacle Bank — $1,000 bonuses for 1,007 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
- Resident Construction LLC – details coming
- Riverbend Communications — details coming
- Riverbend Management, Inc. – details coming
- Riverbend Ranch – details coming
- Riverbend Services – details coming
- Rush Enterprises – $1,000 bonuses for all 6,600 employees
- Sinclair Broadcast Group — $1,000 bonuses for 9,000 employees
- Smith Chevrolet – details coming
- Smith Honda – details coming
- Smith RV – details coming
- Southwest Airlines — $1,000 bonuses for all 55,000 employees; $5 million additional charitable donations
- Steel Design LLC – details coming
- Stifel Financial Corporation – $1,500 bonuses for 7,000 employees
- TCF Financial Corporation — $1,000 bonuses for full time employees; $500 bonuses for part time employees
- 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
- Tokio Marine HCC – details coming
- Total System Services — $1,000 bonuses for 11,500 employees
- 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
- Willow Creek Woodworks – details coming
- Wells Fargo – raised base wage from $13.50 to $15.00 per hour; $400 million in charitable donations for 2018; $100 million increased capital investment over next three years
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