US Big Business Rewarding Employees on Passage of Trump Tax Reform
$BA, $T, $WFC, $FITB, $CMCSA
Wednesday, several US big businesses announced plans to increase employee and benefits plans after the historic Republican tax plan that slashes the corporate tax rate pass through Congress.
Wells Fargo (NYSE:WFC), Fifth Third Bancorp (NYSE:FITB), Boeing (NYSE:BA), AT&T (NYSE:T), and Comcast (NASDAQ:CMCSA) are all broadcasting the good news.
Earlier Wednesday, AT&T announced it would give more than 200,000 workers a special $1,000 bonus to celebrate the signing of the tax-cut bill.
“You’re going to see the economy take off like nothing we have seen in a generation,” Rep. Steve Scalise (R-LA), the House majority whip, predicted.
Fifth-Third Bancorp will raise the minimum wage of its workforce to $15/hour, a move that will increase the payout to 3,000 of its workers who make less than that, the company made $1.5-B in profit last year.
San Francisco-based Wells Fargo will up its minimum wage to $15 an hour, and will allocate $400-M in donations to community and nonprofit organizations in Y 2018.
Chicago-based Boeing Company said it’s “still studying all of the provisions of the new legislation,” but has committed $300-M for charitable giving, employee development programs and “workplace of the future” facilities and infrastructure enhancement.
It will also spend $50-B over the next 5 years to improve and extend its broadband plant and capacity. CEO Roberts, a former golfing ‘buddy” of Barack Hussein Obama, said this move would create “thousands of new direct and indirect jobs,” thanks to the leadership of President Trump.
Democrats have been, are and continue to voice skeptical of claims the corporate tax slash would stimulate jobs and earnings, arguing big businesses would simply pump the tax-cut money back to their shareholders, they are being proven dead wrong even before President Trump signs the bill into law, tax payers and communities are seeing the benefits immediately, including the fact that people no longer have to pay a fine to the IRS not to buy into the inflated Barack Obamacare markets.
That effectively shreds the Affordable Care Act, the cornerstone of the Hussein Obama legacy.
American business CEO’s are coming to the forefront with open check books and saying the Trump tax reform will lead to more jobs, investments, and higher wages, along with benefiting their bottom lines and their shareholders.