US companies react to tax bill with community investments

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First Farmers Bank and Trust (FFBT) is one of many American companies now announcing the intention to raise wages, distribute bonuses, and invest in communities after President Donald Trump signed the Tax Cuts and Jobs Act.

“With this special opportunity, we are pleased to further our commitment to our community and to our people. Since 1885, First Farmers has prided itself in supporting the communities in which we serve and our employees are the primary reason for our corporate success and growth,” First Farmers Bank and Trust president Gene Miles said in a statement Tuesday.

The bank plans to raise hourly starting wages by $2.50 for new employees and will also give a year-end bonus of $750 to all full-time FFBT staffers. FFBT also revealed that it will invest a minimum of $250,000 every year to community development and support of local bank branch markets; it will also invest over $150,000 every year to staffers for employee development and education, according to a report published in Breitbart Wednesday.

Here’s a list of some of the latest companies that have been inspired by Republicans passing tax reform:

  • Comcast announced that $1,000 bonuses will be handed to more than one hundred thousand front-line and non-executive employees. They said that they also plan to invest more than $50 billion in infrastructure over the next several years.
  • Wells Fargo announced that they will raise their staff minimum wage to $15 an hour and would also target $400 million in donations to community and non-profit organizations next year.
  • Fifth Third Bank announced that they will raise their minimum wage for employees to $15 an hour and distribute a $1,000 bonus to more than 13,500 employees this Christmas season.
  • AT&T said last Wednesday that they will distribute more $1,000 bonuses to more than 200,000 of their employees and invest more than $1 billion next year in their domestic business.
  • Boeing told its employees last week that they plan to invest more than $300 million on workers and charitable donations.

A University of Michigan study revealed that American consumer sentiment has reached its highest level since 2000.

President Donald Trump tweeted on Wednesday: “All signs are that business is looking really good for next year, only to be helped further by our Tax Cut Bill. Will be a great year for Companies and JOBS! Stock Market is poised for another year of SUCCESS!”

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