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These Companies are Investing in their Workers, Businesses, and Communities Because of Tax Reform

Posted by: Neil Bradley, US Chamber of Commerce on Thursday, January 4, 2018
Less than two months ago, the U.S. Chamber hailed the emerging tax reform bill as a “pro-growth measure that will help grow the economy, create jobs, and increase paychecks for American workers.”

The bill has been law for less than two weeks, but already businesses across the country are raising wages, giving employees bonuses, and increasing retirement contributions.

And here is the very best part: this is just the beginning.

As the benefits of tax reform work their way through the economy, businesses of all sizes will invest and grow, creating new jobs and lifting wages.

In the coming weeks, we will be launching an effort here at the Chamber to track these positive developments.

In the meantime, check out this partial list of the good news from the just the past two weeks thanks to pro-growth tax reform.

The cities listed are the locations of the companies’ headquarters.

Aflac Inc. (Columbus, GA)

Aflac Announced “It Will Increase Its 401(k) Match From 50 Percent To 100 Percent On The First 4 Percent Of Employee Contributions And Will Also Contribute $500 To Each Employee’s 401(k) Plan.” (Washington Examiner, 12/28/17)

  • “Aflac Also Pledged To Boost Its Investment In The U.S. By $250 Million Over The Next Three To Five Years By Growing Its U.S. Operation And Expanding Benefits And Training Programs For Workers.” (Washington Examiner, 12/28/17)

American Airlines (Fort Worth, TX)

American Airlines Announced It Would Give $1,000 Employee Bonuses Totaling About $130 Million Sometime During The First Quarter Of 2018. (Business Insider, 1/2/18)

American Savings Bank (Honolulu, HI)

American Savings Bank Said It Would Award $1,000 Bonuses To 1,150 Employees And Increase The Minimum Wage For Its Workforce To $15.25 An Hour. (The Honolulu Star-Advertiser, 12/23/17)

Americollect (Manitowoc, WI)

Americollect Announced It Would Provide A Maximum Bonus Of $500 To Its Roughly 250 Employees. (USA Today Network, 12/21/17)

Aquesta Financial Holdings Inc. (Lake Norman, NC)

Aquesta Financial Holdings Announced It Would Provide A $1,000 Bonus To Its Employees And Raise The Minimum Wage For Its Workforce To $15. (Martinsville Bureau, 12/26/17)

Associated Bank (Green Bay, WI)

Associated Bank Announced “It Will Boost Its Minimum Hourly Wage To $15 And Pay Workers A $500 Bonus When The Recently Passed Federal Tax Reform Is Signed …” (Milwaukee Journal-Sentinel, 12/21/17)

AT&T (Dallas, TX)

AT&T Announced “It Would Give More Than 200,000 U.S. Union Members A Special Bonus Of $1,000. The Company Also Increased Its Capital Expenditures Budget By $1 Billion In The U.S.” (CNBC, 12/20/17)

Ball Ventures (Idaho Falls, ID)

Ball Ventures Announced It Would Give A $100 Bonus To Each Employee For Every Year Of Their Employment At The Company. (East Idaho News, 12/27/17)

Bank Of America (Charlotte, NC)

Bank Of America Will Give $1,000 Bonuses To About 145,000 Employees. (The Wall Street Journal, 12/22/17)

Bank Of Hawaii (Honolulu, HI)

Bank Of Hawaii Said It Would Give Out $1,000 Cash Bonuses To 2,074 Employees And Increase The Minimum Wage For Its Workforce To $15 An Hour. (The Honolulu Star-Advertiser, 12/22/17)

BB&T Corp. (Winston-Salem, NC)

BB&T Corp. Announced It Would Provide A $1,200 Bonus To Approximately 27,000 Employees And Raise The Minimum Wage For Its Workforce To $15. (Martinsville Bulletin, 12/26/17)

Boeing (Chicago, IL)

“Boeing Announced … That It Would Invest $300 Million In Charitable Projects, Employee Training And Education, And Facilities Improvements For Boeing Locations.” (The Daily Caller, 12/20/17)

Central Pacific Bank (Honolulu, HI)

Central Pacific Bank Announced It Would Provide A $1,000 Bonus To It’s Non-Executive Workforce Of About 850 Employees And Raise The Minimum Wage For Its Workforce To $15.25 An Hour. (The Honolulu Star-Advertiser, 12/25/17)

Comcast (Philadelphia, PA)

Comcast Announced It Would Give Out $1,000 Bonuses To “Eligible Frontline And Non-Executive Employees.” (The Washington Post, 12/20/17)

Comerica Inc. (Dallas, TX)

Comerica Announced It Would Provide A $1,000 Bonus To Approximately 4,500 Employees And Raise The Minimum Wage For Its Workforce To $15. (Comerica Inc., Press Release, 12/29/17)

Commerce Bancshares (Kansas City, MO)

Commerce Bancshares Will Provide A $1,000 Bonus To 3,450 Full-Time Employees, While Eligible Part-Time Employees Would Receive A $250 Bonus. (St. Louis Post-Dispatch, 1/2/18)

Community Trust Bancorp, Inc. (Pikeville, KY)

Community Trust Bancorp Announced It Would Pay All Full-Time Employees A $1,000 Bonus. (The Lane Report, 12/26/17)

Dayton T. Brown, Inc. (Bohemia, NY)

Dayton T. Brown Announced It Would Provide A $400 Bonus To About 210 Employees. (Newsday, 12/22/17)

Delaware Supermarkets, Inc. (Wilmington, DE)

Delaware Supermarkets Announced It Would Provide $150 Bonuses To 1,000 Employees And Invest $150,000 In Employee Training And Development Programs. (Delaware Business Now, 12/28/17)

Express Employment Professionals (Oklahoma City, OK)

Express Employment Professional Announced It Would Pay A $2,000 Bonus To More Than 200 Nonexecutive Employees. (The Oklahoman, 12/27/17)

Fifth Third Bancorp (Cincinnati, OH)

Fifth Third Bancorp Announced It Will Pay More Than 13,500 Employees A $1,000 Bonus And Raise The Minimum Wage For Its Workforce To $15. (CNBC, 12/20/17)

First Hawaiian Bank (Honolulu, HI)

First Hawaiian Bank Said It Would Give Out $1,500 Bonuses To 2,264 Employees And Increase The Minimum Wage For Its Workforce To $15 An Hour.  (The Honolulu Star-Advertiser, 12/22/17)

First Horizon National Corp. (Memphis, TN)

First Horizon National Corp. Announced It Would Give About 4,000 Employees A $1,000 Bonus. (USA Today Network, 12/27/17)

Gate City Bank (Fargo, ND)

Gate City Bank Announced It Would Provide $1,000 Bonuses To Its Employees, $500,000 In Free Home Appraisals To Its Customers, And Planned To Donate $500,000 To The Community. (Inforum, 12/29/17)

HarborOne Bank (Brockton, MA)

HarborOne Bank Announced It Would Give A $500 Bonus To More Than 600 Bank Employees And Accelerated Its Plan To Implement A $15 Minimum Wage. (Boston Business Journal, 12/27/17)

IAT Insurance Group (Raleigh, NC)

IAT Insurance Group Announced It Would Pay A $3,000 Bonus To Approximately 700 Employees. (IAT Insurance Group, Press Release, 12/21/17)

Inland Northwest Bank (Spokane, WA)

Inland Northwest Bank Announced It Would Raise Its Starting Wage To $15 Per Hour And Provide $500 Year-End Bonuses To All Employees Except Senior Executives. (The Spokesman Review, 1/2/18)

Melaleuca Inc. (Idaho Falls, ID)

Melaleuca Inc. Announced It Will Give Their 2,000 Employees A One-Time Bonus Of $100 For Every Year They Have Worked At The Company. (The Associated Press, 12/21/17)

Navient (Wilmington, DE)

Navient Announced It Would Give Approximately 98 Percent Of Its 6,700 Employees A $1,000 Bonus. (Wilkes Barre Times Leader,

Nelnet (Lincoln, NE)

Nelnet Will Give Nearly All Of Its 4,100 Employees A $1,000 Bonus. (Lincoln Journal-Star, 12/22/17)

National Bank Holdings Corp. (Greenwood Village, CO)

National Bank Holdings Corp. Announced It Would Provide A $1,000 Bonus To About Half Of The Company’s Employees. (Kansas City Business Journal, 12/29/17)

Ohnward Bancshares (Maquoketa, IA)

Ohnward Bancshares Announced It Would Pay A $1,000 Bonus To Every Company Employee. (Clinton Herald, 12/22/17)

Pinnacle Bank (Nebraska)

Pinnacle Bank Will Give $1,000 Bonuses To 1,007 Employees In Nebraska, Kansas, And Missouri. (Lincoln Journal-Star, 12/22/17)

PNC Financial Services Group (Pittsburgh, PA)

PNC Financial Services Group Announced It Would Give 90 Percent Of Its Employees A $1,000 Bonus, Add $1,500 To Employees’ Defined Benefit Pension Plan, Raise The Minimum Wage For Its Workforce To $15, And Make A $200 Million Contribution To The PNC Foundation. (Pittsburgh Post-Gazette, 12/22/17)

Regions Bank (Birmingham, AL)

Regions Bank Announced It Will Raise Its Minimum Wage To $15 Per Hour, Contribute $40 Million To Its Charitable Foundation, And Increase Its Capital Expenditures Budget By About $100 Million. (Commercial Appeal, 1/3/18)

Rush Enterprises, Inc. (New Braunfels, TX)

Rush Enterprises Announced It Would Provide A $1,000 Bonus To Its Approximately 6,600 Employees After The President Signed The Tax Bill Into Law. (Rush Enterprises Inc., Press Release, 12/21/17)

Sinclair Broadcast Group (Hunt Valley, MD)

Sinclair Broadcast Group Announced “It Would Pay A $1,000 Bonus To Almost 9,000 Of Its Full-Time And Part-Time Employees After The Recent Passage Of The GOP Tax Bill.” (The Hill, 12/22/17)

Stifel Financial Corp. (St. Louis, MO)

Stifel Financial Corp. Announced That It Would Provide A $1,500 Bonus To Approximately 7,000 Salaried Employees.  (AdvisorHub, 12/26/17)

Southwest Airlines

Southwest Airlines Announced It Would Give $1,000 Bonuses To All Its Full-Time And Part-Time Employees On January 8, 2018. (Business Insider, 1/2/18)

Summit State Bank (Santa Rosa, CA)

Summit State Bank Announced It Would Provide A $2,000 Bonus To Each Of Its Non-Executive Employees. (North Bay Business Journal, 12/29/17)

Turning Point Brands Inc. (Louisville, KY)

Turning Point Brands Announced It Would Give A $1,000 Bonus To Its 107 Employees. (Louisville Business First, 12/29/17)

U.S. Bancorp (Minneapolis, MN)

U.S. Bancorp Said It Would Give Nearly 60,000 Employees A $1,000 Bonus And Raise The Minimum Wage For Its Workforce To $15. (American Banker, 1/2/18)

  • U.S. Bancorp Will Also Make “Enhancements” To Employee Health Plans. (American Banker, 1/2/18)

Washington Federal (Seattle, WA)

Washington Federal Announced “A 5 Percent Merit-Based Increase In Wages For All Employees Earning Less Than $100,000 Annually As Well As An Investment In Employee Training Programs.” (The Bellingham Herald, 12/20/17)

  • The Bank Will Also Increase Its Technology Staff By 25 Percent, Add An Additional Tech Office In Boise, Idaho, And Donate $5 Million To Community Nonprofit Organizations. (The Bellingham Herald, 12/20/17)

Wells Fargo (San Francisco, CA)

Wells Fargo Announced It Would Boost Its Employees’ Minimum Wage To $15 And Would Target $400 Million In Donations To Community Nonprofit Organizations In 2018. (CNBC, 12/20/17)

Zions Bancorp (Salt Lake City, UT)

Zions Bancorp Plans To Offer $1,000 Bonuses To 80 Percent Of Its Employees And Increase Compensation For More Than 40 Percent Of Its Employees. (American Banker, 1/2/18)

  • “The $65 Billion-Asset Company Will Also Contribute $12 Million To Its Corporate Foundation, Which In 2017 Donated To A Range Of Nonprofits, Including The United Way, Homeless Shelters And Other Charitable Causes.” (American Banker, 1/2/18) 

 

About the Author

Headshot of Neil Bradley
Senior Vice President and Chief Policy Officer

Neil Bradley, senior vice president and chief policy officer at the U.S. Chamber of Commerce, has spent two decades working directly with congressional committee chairpersons and other high-ranking policymakers to achieve solutions.

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