Over 100 companies giving Trump Bonuses after tax victory
The number of companies offering employee bonuses, pay hikes, and increases in benefits in reaction to President Trump’s December tax reform victory is now over 100, with thousands of workers impacted and charities too.
And by the end of today, ATR’s John Kartch told Secrets that the list will hit over 100. "Small businesses from across the country are sending me news of their tax-cut bonuses, wage hikes, and charitable donations. Many of these were only announced internally. There is a broad and deep tsunami building," added Kartch, ATR's vice president of communications.
Kartch is asking that firms who have decided to spread the anticipated wealth let him know. “Please help ATR expand this list – if you know of any companies missing below, please send to email@example.com ),” he put in his blog post.
Grover Norquist, ATR's president, said the bonuses are nullifying Democratic attacks on the GOP tax package. He told Secrets, "Every announcement of another company raising wages, hiring, paying bonuses, investing in America is another nail in the coffin of the Democrat attacks on the Republican tax cut. This drip, drip, drip is added to the daily reports on stock market gains, the bigger checks in pay envelopes and the jump in your 401K and IRA."
Below is his ATR's list. It includes the plans and comments by the firms:
AT&T — $1,000 bonuses to 200,000 employees; $1 billion increase in capital expenditures.
“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. 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.” – Chairman and CEO Randall Stephenson
AAON — $1,000 bonus checks to 2,000 employees.
“We are very appreciative of all AAON employees and want to commemorate the passing of this historic, economy-stimulating tax reform law. While most employees are shareholders of the company and benefit as a result of the new tax law, we felt it appropriate to provide a more direct recognition of their importance to AAON’s future success.” — CEO Norman H. Asbjornson
AccuWeather – year-end bonuses to all employees. (Approx. 450 – 500 employees)
“The bonuses are possible due to the company's robust financial performance in 2017 and strong confidence in the growing U.S. and global economy now that the Tax Bill has passed.” – AccuWeather press release
Aflac – increase 401(k) match from 50% to 100% on the first 4% of compensation plus one-time $500 contribution to every employee’s 401(k); $250 million increase in overall U.S. investment.
"We are pleased that these tax reforms provide Aflac with an opportunity to increase our investments in initiatives that reflect our company values; providing for our employees in the long and short term, ensuring future growth for our company and giving back to the community." — Aflac Chairman and CEO Dan Amos
American Airlines — $1,000 bonuses for every employee (excluding officers). The bonuses will total $130 million. AA had 127,600 employees as of Sept. 2017.
“Recent tax reform has received much publicity. While the company does not yet pay cash taxes due to our enormous losses in the past, there is no doubt that our country’s new tax structure will have positive long-term benefits for American. We will be able to invest even more in aircraft and facilities, and we will be able to do so with even greater confidence about the future. As we analyze those potential future benefits, our leadership team, backed by our Board of Directors, considered how a portion of that positive impact might be directly shared with the very people who produce the profits at American—all of you.
We are pleased to announce that in light of this new tax structure and in recognition of our outstanding team members, American will distribute $1,000 to each team member (excluding Officers) at our mainline and wholly owned regional carriers. These distributions will total approximately $130 million and will be made in the first quarter of 2018.” – American Airlines press release
American Bank – $1,000 bonuses for 60 employees
“President and CEO Mark W. Jaindl stated, “Beginning in 2018, we expect to see benefits from the recent tax reform due to lower corporate tax rates. As we celebrate the holiday season and prepare to close out another year of growth at American Bank, the Board of Directors and senior management want to give back to our team members who are directly responsible for our success.”
Mr. Jaindl continued, “We expect the actions taken by Congress and the President will have a material positive impact on growth throughout the country. As a result, we anticipate our hiring efforts will increase in 2018.” – American Bank press release
American Savings Bank – $1,000 bonuses to 1,150 employees; base wage increase from $12.21 to $15.25
Americacollect – $300 - $500 bonuses for 250 employees
“Today, Congress passed the tax reform bill; our company will be taxed less because of it. Since we will now be taxed less, I wanted to take this opportunity and utilize this financial benefit to give back to each of you, our teammates, by directly impacting your paycheck in the form of a bonus!” — Americollect President and CEO Kenlyn T. Gretz
Aquesta Financial Holdings — $1,000 bonuses to 95 employees; base wage hike to $15 per hour
"We are very happy to share with our valuable team members some portion of the benefits Aquesta will realize by the enactment of Tax Reform. Decreased tax rates will allow Aquesta Bank to continue to grow by accelerating lending to small businesses and hiring additional team members to help with that growth. While almost all of our employees will also pay lower taxes in 2018 due to this new law, we felt that immediate recognition of their importance to Aquesta would send the right message: our people are what makes Aquesta different." – Aquesta President and CEO Jim Engel
Associated Bank – $500 employee bonuses (exact number receiving bonus unknown at this time); base wage will rise from $10 to $15 per hour
“[Associated Bank President and CEO Philip B.] Flynn said the new tax legislation, particularly the reduction in business tax rates, allowed the company to share some of the benefits with its employees. It also helps position the company to further enhance the customer experience and its community investments in the future.” – Associated Bank press release
Bank of America — $1,000 bonuses to 145,000 U.S. employees
“Beginning in 2018, we will see benefits from the tax reform, too, in the form of lower corporate tax rates.
In the spirit of shared success, we intend to pass some of those benefits along immediately. U.S. 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.” – CEO Brian Moynihan
Bank of Hawaii – $1,000 bonuses to 2,074 employees; base wage increase from $12 to $15
“Our employees are, by far, our greatest asset. It’s our pleasure to reward our team with this holiday opportunity,” said bank Chairman, President and CEO Peter Ho. “We’ve recently been thinking about increasing our minimum wage level throughout the organization to the living wage level. The adjustments to the corporate tax rate provided further momentum to execute on the plan.” – Bank of Hawaii press release
Bank of the Ozarks – Bonuses of up to $1,200 for 2,300 employees
“Recently signed U.S. corporate tax legislation has given us the opportunity to enhance current compensation programs for our employees. This bonus plan rewards hard work and performance while promoting our longstanding commitment to excellence which has driven our Company’s success for decades.” – Bank of the Ozarks press release
BB&T – $1,200 bonuses for 27,000 employees; base wage will rise from $12 to $15 per hour; $100 million in charitable donations
“Overall, BB&T's Executive Management team believes the successful passage of tax reform is very encouraging news that should move BB&T, the financial services industry and the U.S. economy in the direction of stronger growth.” – BB&T press release
Boeing — $100 million in charitable donations; $100 million for workforce development; $100 million for infrastructure and facilities
"On behalf of all of 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," said [Boeing CEO Dennis] Muilenburg. "It's the single-most important thing we can do to drive innovation, support quality jobs and accelerate capital investment in our country."
Canary LLC – due to tax reform, the company will hire more employees and increase capital spending.
“There are two components. One is ordering more capital equipment, which is what the expensing provision of the new tax reform bill allows us to do. And the second leg of that is hiring more people which we are furiously working on right now.”
"So what the tax reform package is allowing us to do is really dial up our capital spending even more, so we are going to try to achieve 50 percent revenue growth next year in 2018 over 2017." – CEO Dan Eberhart
Central Pacific Bank – all 850 employees will receive $1,000 bonuses; base wage will rise from $12 to $15.25
“We are delighted to have this opportunity with the lowering of the corporate tax rate to take care of our hard-working employees, who are our most important asset, and give them an extra special holiday this year.” — Central Pacific President and CEO Catherine Ngo
Citizens Financial Group — $1,000 bonuses for 12,500 employees and $10 million for charitable donations
“Corporate tax reform provides us with an opportunity to recognize the role our colleagues have played in delivering better results for customers and shareholders, and to positively impact the communities where we live, work and play,” said Bruce Van Saun, chairman and chief executive officer of Citizens Financial Group. – Citizens Financial Group press release
Comcast — $1,000 bonuses to 100,000 employees; at least $50 billion investment in infrastructure in next five years
“Based on the passage of tax reform and the FCC's action on broadband, Brian L. Roberts, Chairman and CEO of Comcast NBCUniversal, announced that the Company would award special $1,000 bonuses to more than one hundred thousand eligible frontline and non-executive employees.” – Comcast press release
Comerica Bank — $1,000 to 4,500 non-officer employees; base wage increase to $15 per hour
“This increase in minimum wage and one-time bonus are made possible by the tax reform bill that was passed by the U.S. Congress, then signed by the President on Dec. 22, 2017.” – Comerica Bank press release
Commerce Bank – 3,450 employees will receive bonuses — $1,000 for full time employees and $250 for part time employees; $25 million in charitable donations
“The new tax reform legislation should be very positive for economic growth and capital investment which will benefit the banking industry. This new law makes the banking industry more competitive and allows us to reward our core employees who work hard every day to provide superior service to the people and the companies we serve while building long term customer relationships so important to our communities and shareholders. In addition, we are very pleased to provide significant additional funding to The Commerce Bancshares Foundation which will strengthen our ability to continue to support the communities where we do business and whose prosperity is so important to our business.” –Commerce Bank press release
Community Trust Bancorp — $1,000 bonuses for full time employees and $500 bonuses for part-time employees (exact number receiving bonus unknown at this time)
“The bonus will be paid to employees as soon as the new tax tables are released in 2018 so that employees may receive the full benefit of the reduction in tax rates.
“Management and the Boards of Directors continue to believe that our most valuable assets are our employees and are pleased that changes in the tax laws facilitate our ability to recognize their hard work and dedication to the success of CTBI.” – Community Trust Bancorp press release
Copperleaf Assisted Living – $200 - $600 bonuses for 175 employees
“An assisted-living business will give its 175 employees bonuses up to $600 as a result of the tax reform package passed by Congress and signed by President Trump on Friday.
Krista Mendyke, who owns Copperleaf Assisted Living with her husband, Jim, said they will give away all of the company's estimated tax savings as a result of the legislation.” – excerpt from Stevens Point (Wis.) Journal
Dayton T. Brown Inc. (engineering/testing company) — $400 bonuses for each of the 210 employees
“We’re going to save a significant amount of money on this new tax law and . . . certainly, we’re nothing without our employees,”
The inspiration for the bonus was AT&T’s announcement Wednesday that it was giving its employees $1,000 bonuses, [Chief Financial Officer Steve] Marini said. – excerpt from NewsDay article
Delaware Supermarkets Inc. — $150 extra bonuses to 1,000 non-management personnel.
“Our ability to provide bonuses and training to our employees demonstrates the far-reaching implications of this tax reform. We have a renewed optimism for the local and the national economy, and this important legislation better positions us for future growth.” – Christopher Kenny, CEO
“This legislation benefits those of who count on Main Street budgets for our livelihoods, and it’s a privilege to share the benefits with the men and women who work so hard at ShopRite. It makes it possible to succeed in a very competitive industry.” — Melissa Kenny, director of sales and marketing
Express Employment Professionals — $2,000 bonuses to more than 200 non-executive employees