While the list continues to grow, at last count no less than 133 companies have announced bonuses, increased wages and other employee benefits for at least 2 million Americans as a result of the Tax Cuts and Jobs Act.
In December, President Donald Trump signed the first overhaul to the U.S. tax code in more than 31 years, which slashes the corporate tax rate from the highest in the developed world to 21%. It’s a long-sought policy that data show does boost wages.
Within hours of final passage, U.S. businesses began announcing wage increases, bonuses, investments and other benefits.
AT&T was first to announce it would pay bonuses of $1,000 to more than 200,000 U.S. employees in response to tax reform. The telecommunications giant previously said it would invest $1 billion in the U.S. if “competitive” tax reform was passed, and that the Tax Cuts and Jobs Act would increase demand for their services.
The entire list can be viewed at Americans for Tax Reform.
House Minority Leader Nancy Pelosi, D-Calif., who was once accused of insider trading by “60 Minutes,” called thousand-dollar bonuses, rising wages and other benefits to American workers from tax reform “crumbs.” As the picture above shows, the Republican National Committee (RNC) is having a field day with it and pointing out the remarks are “out of touch.”
Leader Pelosi, who is one of the wealthiest members of the U.S. Congress, scoffed at what was essentially an immediate result of the president’s signature tax overhaul bill.
“In terms of the bonus that corporate America received versus the crumbs that they are giving workers to kind of put the schmooze on is so pathetic,” the California Democrat said. “It’s so pathetic.”