Tax Cuts Are Already Working

Immediately after Congress passed the Tax Cuts and Jobs Act, companies of all sizes have rewarded their hard-working employees with major bonus checks and wage increases, citing the tax plan as the driving force.

Up to this point, hundreds of companies, impacting more than two million Americans, have helped fulfill the tax bill’s goal of returning money to the American people. Here are a few significant examples:

• Fifth-Third Bancorp is offering a $1,000 bonus to 13,500 employees. It is also increasing the base wage to $15 an hour, impacting nearly 3,000 employees.
• Washington Federal announced a five percent wage increase for employees earning under $100,000 a year, a 25 percent increase in their technology staff, the opening of a new office in Boise, Idaho, and a donation of five million dollars to community nonprofit organizations.
• AT&T is giving 200,000 employees $1,000 bonuses and increasing capital expenditures by one billion dollars.
• Comcast is presenting $1,000 bonuses to 100,000 employees and a $50 billion investment in infrastructure over the next five years.
• Boeing is donating $100 million to charities and investing $100 million in workforce development and $100 million in infrastructure and facilities.
• Visa will increase its 401(k) match to five percent of an employee’s base salary, a 66 percent increase from the current contribution of three percent.

In addition to these significant examples, countless small businesses across the country are also directing their tax cut savings toward increased wages, new jobs, and expansion, helping employees and communities.