Tax reform passed in Congress today and we are all still alive (for the moment) despite dire predictions from the left. Some corporations benefiting from tax cuts have promised to pass those benefits along to employees once the bill is signed into law.
AT&T has announced that they will pay $1,000 bonuses to more than 200,000 employees as well as investing $1 billion in the United States next year. They say that those who will receive the bonuses aren't company bigwigs, but "union-represented, non-management, and front-line managers." CEO Russell Stephenson directly credited tax reform with their ability to do this:
Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world. This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees.
On behalf of all our stakeholders, we applaud and thank Congress and the administration for their leadership in seizing this opportunity to unleash economic energy in the United States. It’s the single most important thing we can do to drive innovation, support quality jobs and accelerate capital investment in our country.
Fifth Third Bank also announced that tax reform benefits will be passed on to employees. In addition to distributing $1,000 bonuses to more than 13,500 employees, they are also raising their minimum wage to $15 per hour. President and CEO Greg Carmichael said "It is good for our communities, employees and Fifth Third Bank."
Finally (for now), is Wells Fargo, which will also be raising their minimum wage to $15 an hour (from $13.50). In addition, they are planning to donate $400 million to community and nonprofit organizations next year.Tax reform managed immediately to raise the minimum wage, support communities, and give people a bonus. That is the natural result of business doing well. Can't wait for the left to try to spin this one (if we're still alive to see it. I know we're all supposed to perish from the lack of taxation any time).