More Businesses Raise Wages, Give Bonuses in Wake of Tax Cuts

The Daily Signal | 1/3/2018 | Staff
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More businesses are announcing bonuses, higher minimum wages, and new benefits for employees after passage by Congress of Republicans’ tax reform bill.

An email from House Speaker Paul Ryan’s press office highlights 33 businesses—including Aflac, Associated Bank, and PNC Bank—that have announced raises, bonuses, and other improvements for employees.

Moves - Efforts - Minimum - Wages - Nation

In moves that may defuse efforts to mandate higher minimum wages across the nation, at least nine of the 33 businesses announced they are boosting their minimum wage for thousands of workers to $15 or more an hour.

“Happy New Year and welcome to 2018, where Americans are waking up across the country with a brand new, pro-growth tax code,” the Wisconsin Republican’s press office says. “Despite the doom and gloom rhetoric from the left and special-interest groups, millions of hardworking people are already seeing benefits.”

Developments

Among developments:

Associated Bank announced a $500 bonus for nearly all employees and an increase in its minimum wage from $10 per hour to $15 per hour, and PNC Bank is giving a $1,000 bonus to 47,500 workers and a $1,500 boost to workers’ existing pension accounts.

Southwest - Airlines - Cash - Bonus - Employees

Southwest Airlines announced a $1,000 cash bonus for all employees, including part-timers, plus $5 million in charitable donations.

President Donald Trump, who made passing tax reform a top goal of his first year in office and signed the bill into law Dec. 22, has praised businesses for their positive response.

Republicans - Tax - Reform - Package - Tax

Republicans’ tax reform package maintains the current seven tax brackets but lowers rates to 10, 12, 22, 24, 32, 35, and 37 percent.

The package caps at $10,000 the state and local tax deduction, which allows taxpayers who itemize instead of taking the standard deduction to deduct from federal taxable income any property and income taxes paid to state or local governments.

Package - Repeals - Obamacare - Mandate - Individuals

The package repeals Obamacare’s mandate for individuals to buy health insurance, increases the...
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