‘Armageddon’ Tax Reform Continues to Produce Wage Hikes and Bonuses

hundreddollarbills-money-cash-bloomberg-750xx1024-576-0-53On December 21st we shared the news that AT&T and others were handing out Christmas Bonuses as a direct result of the passage of the Republican/Trump Tax cuts. WND.com is tracking this behavior, and their list has grown to fourteen companies who are handing out bonuses in response to the change in tax laws, raising their minimum wages, or both.

It started with AT&T expanding its bonus program to an additional 200,000 staffers getting $1,000 apiece.

Next came Boeing announcing a gift of $300 million in investment in its employee-related charitable program “to support our heroes, our homes and our future.”

Wells Fargo and Fifth Third Bancorp announced they would raise their minimum wage to $15 in the New Year, with Fifth Third kicking in an additional bonus of $1,000 to 13,000 employees.

Here’s the list, so far.

  • U.S. Bank of America employees making up to $150,000 per year in total compensation – about 145,000 teammates – will receive a one-time bonus of $1,000 by year-end.
  • PNC Financial Services will give $1,000 bonus to about 47,500 workers.
  • New Braunfels-based Rush Enterprises of Texas is giving each of its 6,600 employees a $1,000 bonus – a total of $6.6 million. Chief Financial Officer Steven Keller said: “You’ve got a choice – we could’ve kept it and stuffed it in the company bank account or coffers, or we can share it with the people.”
  • Associated Bank in Wisconsin boosted its minimum hourly wage to $15 and paying workers a $500 bonus.
  • Idaho health-care and home-products company Melaleuca Inc. is providing its 2,000 employees $100 bonuses for every year they worked for the company. The company has 147 employees who have worked for the company for 20 years or more.
  • In Hawaii, Royal Hawaiian Heritage Jewelry plans to open up three more shops – in Honolulu, in Kauai and Maui in addition to its existing three shops.
  • Washington Federal in Seattle will increase wages for most of its workers by 5 percent and is adding 25 people to its information-technology staff.
  • Aquesta Financial Holdings in Cornelius, N.C., will raise hourly pay to $15 and will be giving $1,000 bonuses to all of it workers.
  • Canary LLC announced it will hire new employees and purchase more equipment.
  • AT&T expanding its bonus program to an additional 200,000 staffers getting $1,000 apiece.
  • Boeing gift of $300 million in investment in its employee-related charitable program “to support our heroes, our homes and our future.”
  • Wells Fargo raises minimum wage to $15.
  • Fifth Third raises minimum wage to $15 and offering bonuses of $1,000 to 13,000 employees.
  • Comcast NBC Universal anted up $1,000 bonuses to more than 100,000 non-executive employees.

So when Nancy Pelosi called the Tax Reform Bill “Armageddon,” did she mean for her own party?