The landmark tax reform bill passed by Congress has already started reaping benefits even before it’s provisions take effect. The bill, which will reduce taxes for 80 percent of Americans and dramatically lowered tax rates for Corporations and other businesses, became effective January 1, 2018. Here are some of the benefits already announced based on the tax cuts:
Southwest Airlines – Their Board of Directors has agreed to hand out $1,000 bonuses to all full-time and part-time employees. The Board said is to “to celebrate the recent passage of the tax reform legislation. We are excited about the savings and additional capital, which we intend to put to work in several forms–to reward our hard-working employees, to reinvest in our business, to reward our shareholders, and to keep our costs and fares low for our customers.”
The Boeing Company – Boeing will spend $300 million of its tax savings to benefit employees. $100 million will go to charitable giving, including matching employee contributions; $100 million for employee training and workforce development, and; $100 million to improve Boeing workplaces to benefit employees.
Wells Fargo – After a couple of controversial years, the Company will step up and raise wages for its lowest-paid employees. The Company’s “minimum wage” of $13.50, already well above the federally required minimum wage, will be increased to $15 an hour in March – an 11 percent pay increase for Wells Fargo’s minimum wage workers.
Comcast Corporation – The cable company is providing $1,000 bonuses to 100,000 frontline and non-executive employees.
Fifth Third Bancorp – The Cincinnati-based bank is also raising its minimum wage to $15 an hour, impacting 3000 Middle Class workers. Fifth Third will also pay over 13,000 workers a $1,000 bonus this year. Senior Managers and top executives won’t receive the bonuses.
Washington Federal of Seattle – Closer to home, Washington Federal of Seattle announced 5 percent raises to all its employees making less than $100,000 per year. It will also spend on additional employee training and technology, and donate another $5 million to charitable causes.
Sinclair Broadcast Group – They will provide $1,000 bonuses to almost 9,000 full- and part-time workers.
Bank of America – Following the lead of Wells Fargo, Bank of America also announced an increase in its minimum wage to $15 an hour and will give $1,000 bonuses to about 145,000 employees during 2018.
Rush Enterprises – Texas-based heavy-Duty truck manufacturer and truck dealership Rush Enterprises will provide $1,000 bonuses to its 6,600 employees
Dayton T. Brown– Engineering and testing company Dayton T. Brown, a small business in Bohemia, NY which also has workers in Connecticut and Maryland, will provide its 210 employees with $400 bonuses.
AT&T – The Dallas-based Company is credited with the being the first “trickle-down” participant, by announcing an otherwise unplanned $1,000 per employee Christmas Bonus and an additional $1 billion investment in its business for 2018. More than 200,000 AT&T employees – including Union and non-management workers – have received the extra pay in their Christmas stockings.
Netflix — The company extended executive bonuses base don the tax reform savings.
These companies span American business by size and location. Working class Americans across the country, in virtually every industry and in businesses of all sizes are already benefiting from the tax bill’s passage. There are many more Corporations that have already announced raises, bonuses, charitable contributions and worker training benefits for the Middle Class than can be listed here.