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02/14/2018 | Press release | Distributed by Public on 02/14/2018 14:49

Workers Are Getting A Raise In The Wake Tax Cuts And Jobs Act

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TOP TAKEAWAYS

  • So far, 345 companies have pledged to give their employees bonuses, pay raises, or increased benefits because of the Tax Cuts and Jobs Act.
  • In addition, at least 43 companies have offered permanent pay raises to their employees because of savings from tax reform.
    • Fight for $15: At least 28 companies have raised their minimum wage at or above Democrats' desired minimum wage of $15 per hour.
  • Despite advocating for a $15 minimum wage, Democrats have now sought to minimize the impact that these tangible benefits have for American workers, using condescending language as 'crumbs' or to describe them.
  • Tax reform's benefits will be felt for years to come as U.S. companies have pledged to increase investment in the American economy by $101,067,500,000 as a result of the Tax Cuts and Jobs Act.

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SINCE THE TAX BILL PASSED, HUNDREDS OF COMPANIES HAVE OFFERED THEIR EMPLOYEES BONUSES, RAISES, AND ENHANCED BENEFITS

Over Three Hundred Companies Are Increasing Wages, Offering Bonuses, Or Boosting Employee Benefits For Their Employees As A Result Of The Newly-Passed Tax Law

Three Hundred And Thirty-Four Companies Have Pledged To Give Their Employees Bonuses, Pay Raises, And Increased 401(K) Contributions. ' '344 companies announce tax reform bonuses, raises, or 401(k) hikes.' ('List Of Tax Reform Good News,' Americans For Tax Reform, 1/23/18)

As A Result Of The Tax Cuts And Jobs Act, AT&T Will Pay $1,000 Bonuses To Over 200,000 ''Union-Represented, Non-Management' Workers, And Will Invest An Additional $1 Billion Into The United States In 2018 Alone. 'AT&T, the No. 2 U.S. wireless carrier, said it will pay $1,000 bonuses to more than 200,000 employees and invest an additional $1 billion in the United States in 2018, once the tax reform bill is signed into law. An AT&T spokesman said the bonuses were unrelated to the $1,000 that 20,000 AT&T Mobility employees will receive as part of an agreement with the Communications Workers of America announced last week. Employees eligible for the bonus are all 'union-represented, non-management and front-line managers,' AT&T said in a statement.' ('AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform,' Reuters , 12/20/17)

After The Tax Cuts And Jobs Act Passed, Comcast Announced It Would Invest $50 Billion Into Its Infrastructure In The Next 5 Years And Offer Bonuses To 100,000 Employees. 'Cable provider Comcast Corp also said it would give $1,000 bonuses to more than 100,000 employees and invest $50 billion over the next five years in its infrastructure.' ('AT&T, Two Banks Offer Bonuses, Pay Hikes In Wake Of U.S. Tax Reform,' Reuters , 12/20/17)

Bank Of America Will Give About 145,000 Employees $1,000 Bonuses, Citing The Tax Cuts And Jobs Act As The Reason . 'Bank of America will give some of its employees a $1,000 bonus, citing the tax bill that was just signed into law. 'Beginning in 2018, we will see benefits from the tax reform in the form of lower corporate tax rates,' CEO Brian Moynihan said in an internal memo to employees obtained by CNBC. He also said that about 145,000 employees will receive the bonus.' (Fred Imbert, 'Bank Of America Is Giving Some Employees A $1,000 Bonus, Citing Tax Bill,' CNBC , 12/22/17)

Sinclair Broadcasting, The Nation's Largest TV Broadcaster, Promised $1,000 Bonuses To Almost 9,000 Full- And Part-Time Employees, Excluding Senior Executives, After The Tax Cuts And Jobs Act Passed. 'Add Sinclair, the nation's largest TV broadcaster, to the companies promising a $1,000 bonus to employees with the successful passage of the tax reform bill. The Hunt Valley, Md.-headquartered Sinclair Broadcast Group, which has 173 TV stations and reaches more than 38% of the U.S., said Friday that it will pay a special $1,000 bonus to its nearly 9,000 full-time and part-time employees, excluding senior level executives.' (Mike Snider, 'Sinclair Joins Companies Promising Tax Reform Bill Bonuses To Employees,' USA Today , 12/22/17)

PNC Financial Services Said It Will Give $1,000 Bonuses To 90 Percent Of Their Employees Below A Certain Pay Grade. 'PNC Financial Services became the latest company to say it will pay special bonuses to the bulk of its employees, among other workforce investments, after the tax bill was signed into law Friday. The financial services company said it will provide a $1,000 cash payment in the first quarter of 2018 to about 47,500 employees, or the about 90% of its workforce who are below a certain compensation band. In addition, PNC said it would raise its minimum wage to $15 an hour by the end of 2018, provide an additional $1,500 for employees in the defined benefit pension plan and make a $200 million contribution to the PNC Foundation, which supports early childhood education.' (Tomi Kilgore, 'PNC To Pay $1,000 Bonuses, Raise Minimum Wage After Tax Bill Signed,' Market Watch , 12/22/17)

At Least Forty-Three Companies Are Increasing Wages For Their Employees

Forty-Three Companies Have Pledged To Give Their Employees Pay Raises. ('List Of Tax Reform Good News,' Americans For Tax Reform, 2/12/18)

Citing President Trump's Tax Law, Walmart Increased Their Minimum Wage To $11 Per Hour. 'Walmart is boosting the minimum hourly wage for its U.S. employees to $11 and dishing out bonuses of up to $1,000, crediting President Trump's tax cut for enabling the move.' (Nathan Bomey, 'Walmart Boosts Minimum Wage Again, Hands Out $1,000 Bonuses,' USA Today , 1/11/18)

CVS Increased Their Minimum Wage To $11 An Hour . 'CVS Health will increase the starting wage rate for hourly employees to $11 an hour, effective April 2018. As part of this change, the company also plans to adjust pay ranges and rates for many of its retail pharmacy technicians, front store associates and other hourly retail employees later in the year to ensure a competitive compensation structure that supports the company's plans to evolve its retail stores into a health care destination.' (Press Release, 'CVS Health Investing In Long-Term And Sustainable Wage Increases And Benefits Enhancements Following The Passage Of The Tax Cuts And Jobs Act,' CVS , 2/8/18)

M&T Bank Raised Their Minimum Wage To $14-$16 An Hour. 'M&T Bank workers will be getting a pay raise. The Buffalo-based bank said it will increase wages for all of its hourly workers and boost the starting pay to $14 to $16 an hour, depending on which market they work in. M&T said the program to increase hourly wages will cost about $25 million once it is fully implemented.' (David Robinson and Matt Glynn, 'M&T Says It Will Give Hourly Workers A Raise,' The Buffalo News , 1/18/18)

Nexus Gave All Employees A 5 Percent Pay Raise . 'All Nexus Services, Inc. employees will receive a 5% raise, starting in January 2018, CEO Mike Donovan announced today. Also, Nexus unveiled plans to hire another 200 workers over the course of 2018 - doubling the size of Nexus Services, Inc. workforce nationwide. Many of the new jobs will be created in Virginia's Shenandoah Valley and other jobs will be in San Juan (Puerto Rico), Hackensack (NJ), Ontario (CA) and other sites nationwide.' (Press Release, 'Nexus Services, Inc. Announces 5% Raises And 200 New Jobs,' Nexus Services , 12/21/17)

Afinson Farm Store Gave All 7 Of Their Workers A 5 Percent Pay Raise. 'Within days of the bill's passage in December, Anfinson gave all seven full-time employees a $1,000 bonus, plus a 5 percent pay raise. 'That way the money flows back into the community,' Anfinson told The Journal after the ceremony. The independent farm supply store also employs some part-time workers during the busy spring season. The owner said he is also considering giving them bonuses as well 'because it would be fair.' His recent generosity isn't something his employees took for granted.' (Ty Rushing, 'Trump Fetes Cushing, Iowa, Small Business Owner At White House,' Sioux City Journal , 1/31/18)

Empire National Bank Increased Salaries By 5 Percent. 'Empire National Bank is increasing salaries by 5 percent, upping its 401(k) match program and giving all nonexecutive employees one-time $1,000 bonuses as a result of the benefits derived from the recent federal tax overhaul.' (David Reich-Hale, 'Empire National, BNB To Boost Salaries In Wake Of Tax Overhaul,' Newsday , 1/30/18)

Indiana-Based Family Express Will Raise Their Minimum Wage To $11 An Hour. 'Valparaiso-based Family Express, which has 70 convenience stores across Indiana and is in the process of building 10 more, is bumping its starting wage to $11 an hour.' (Joseph S. Pete, 'Family Express Raises Starting Pay To $11 An Hour,' Northwest Indiana Times , 2/9/18)

First Southwest Bank Raised Its Minimum Wage To $14 An Hour . 'While some long-standing businesses leave our rural Colorado towns, for more urban options, First Southwest Bank stands committed to growing and investing in the people of our Western communities. As part of this commitment, starting team members at First Southwest Bank are immediately benefiting from the recent tax law changes, as the bank raises its starting wage to $14 an hour plus full benefits.' (Press Release, 'First Southwest Bank To Raise Starting Wages, Investing In Local Employees,' First Southwest Bank, 1/22/17)

Fulton Financial Corporation Raised Its Minimum Wage To $12 An Hour. 'In addition to expanding its community support, Fulton also will raise its minimum wage to $12 per hour. The company also plans to provide an additional week of pay in 2018 to employees, who are not participants in other variable-award plans. It is expected that 75% of Fulton's approximately 3,700 employees will receive this additional week of pay.' (Press Release, 'Fulton Financial Reinvests In Communities And Employees,' Fulton Financial Corporation , 1/18/18)

Gulf Coast Bank And Trust Company Raised Their Minimum Wage To $12 An Hour . 'The federal reform is prompting community banks to make changes as well. On Thursday, Gulf Coast Bank and Trust Company announced it would raise its minimum wage. The $1.6 billion-asset bank is increasing the wage to $12 per hour, effective Monday, according to a news release. That's up from the current $11 per hour. The change will impact almost 50 employees primarily in the retail banking division and within the bank's 19 locations in southeast Louisiana.' (Lance Traweek, 'Gulf Coast, Regions Bank Hike Minimum Wage Following Tax Reform Law,' New Orleans City Business , 1/2/18)

Happy State Bank Increased Their Minimum Wage To $14 An Hour . 'In its board meeting yesterday, January 23, the Board of Directors of Happy State Bank voted unanimously for a significant wage and benefit increase for employees of the company as a direct result of the new tax reform legislation. The announcement was made by Board Chairman and CEO, J. Pat Hickman. The wage increases directly impact over 600 of the bank's 700+ employees. The highlights of the new program are: Happy State Bank has a new starting minimum wage of $13.50 per hour…increasing to $14.00 after a 90-day probationary period. Present employees currently earning less than $14.00 per hour will be increased to this amount immediately. Employees currently earning between $14.00 and $17.50 hourly will receive an approximate $0.50 hourly wage increase.' (Amber Joseph, 'Happy State Bank Announces Wage Increase For Employees,' ABC 25 Newscenter , 1/24/18)

Kish Bancorp Raised Its Minimum Wage For All Entry Level Employees. 'Additionally, the Company will elevate its starting minimum wage for all entry level personnel, together with an associated increase in the ranges for all non-exempt hourly employees. Expanded 2018 hiring plans will increase the number of employees equivalent to ten full-time personnel, with a corresponding expansion in payroll and benefits of approximately $400,000.' (Press Release, 'Kish Bancorp Announces Economic Initiatives,' Kish Bancorp , 1/17/18)

Mutual Bank Will Give All Non-Exempt Employees Will Receive A $0.50 Pay Raise. 'In the first quarter of 2018, MutualBank will distribute a $750 one-time payment for all full-time and part-time employees except for the Executive Management Team. Additionally, all non-exempt employees will receive a $0.50 increase in their hourly wage.' (Press Release, 'Mutualbank Announces Hourly Wage Increase And Bonuses,' Mutual Bank , 1/20/18)

NexTeir Increased Hourly Wages For Their Employees. 'In addition to this one-time payout, NexTier is committed to providing educational and career advancement opportunities to employees on an ongoing basis with educational benefits such as tuition reimbursement, internal training, and a variety of industry training opportunities. NexTier will also make adjustments to the wages of hourly employees throughout the year.' (Press Release, 'NexTier Bank Announces $1,000 Bonuses For Employees,' NexTeir Bank , 1/12/18)

Sutter Masonry Increased Their Hourly Wages By $1.00 An Hour. ' Sutter Masonry (El Mirage, AZ) - The company employs approximately 100 people. Hourly wages were increased by $1.00 and over $50,000 in bonuses were distributed.' ('List Of Tax Reform Good News,' Americans For Tax Reform, 2/12/18)

Additionally, Twenty-Eight Companies Have Raised Their Minimum Wage To $15 Or Higher In The Wake Of The Tax Cuts And Jobs Act

BNB Bank Increased Their Minimum Wage To $15 An Hour, Additionally They Also Increased Wages For The Pay Tier Above Minimum Wage. 'Bridgehampton-based BNB Bank said it was increasing its minimum wage from $13 to $15 in light of the lower corporate tax rate. The bank added it was also increasing wages for employees in the tier above that. About 100 employees, or 20 percent of the bank's workforce, will see an increase, BNB said.' (David Reich-Hale, 'Empire National, BNB To Boost Salaries In Wake Of Tax Overhaul,' Newsday , 1/30/18)

Cigna Raised Their Minimum Wage To $16 An Hour. 'Effective today, Cigna is establishing a minimum wage across its U.S. employee base of $16 an hour, substantially exceeding the national minimum wage in the United States as well as the hourly rate paid at many global corporations. Cigna will also provide salary increases above the $16 an hour level, largely to front line employees. These investments in employee wages will total more than $15 million. Additionally, Cigna is adding $30 million to its 401(k) program to match an additional one percent of employee compensation contributed to the 401(k) in 2018. This match will benefit the retirement accounts of over 30,000 employees.' (Press Release, 'Cigna Increases Minimum Wage To $16 An Hour And Further Accelerates Investments In Employees And Community Health,' Cigna , 1/31/18)

F.N.B. Corporation Increased Their Minimum Wage To $15 An Hour In The Wake Of The Tax Cuts And Jobs Act. 'F.N.B. Corp., the holding company of First National Bank of Pennsylvania, will increase its hourly minimum wage to $15 by the end of 2019, accelerating an ongoing initiative. The raise was part of the announcement Thursday of 'a financial commitment to both its employees and the communities it serves relating to the signing of the Tax Cuts and Jobs Act of 2017.'' ('F.N.B. Corp. Will Increase Hourly Minimum Wage To $15,' The Business Journal Daily , 1/19/18)

Great Western Bancorp Increased Its Minimum Wage To $15 An Hour. 'Great Western Bancorp, Inc. the parent company of Great Western Bank announced investments today in its employees and community reinvestment as a result of the tax reform package. The investments include: Raising the minimum wage to $15; A special one-time $500 bonus or wage increase for nearly 70% of its workforce; Enhancements to employees' health care offerings effective for the 2018 enrollment period; and The doubling of its annual contribution to its Making Life Great Grants community reinvestment program.' (Press Release, 'Great Western Bancorp, Inc. Unveils Minimum Wage Hike, Special Bonuses In Wake Of Tax Reform,' Great Western Bancorp , 1/10/18)

Regions Bank Increased Its Hourly Wage To $15 An Hour. 'Regions says it will increase its hourly minimum wage to $15 for 5,000 employees - including 335 Louisiana-based associates.' (Lance Traweek, 'Gulf Coast, Regions Bank Hike Minimum Wage Following Tax Reform Law,' New Orleans City Business , 1/2/18)

HarborOne Bank Raised Its Minimum Wage To $15. 'Brockton-based HarborOne Bank said it's giving hundreds of employees a $500 bonus and is raising its minimum wage to $15 an hour by February in the wake of the federal tax bill, following similar moves made by other national companies and banks.' (Matt Stout, 'Harborone Credits Tax Law With Wage Hike,' Boston Herald , 12/28/17)

Hawaii National Bank Increased Their Minimum Wage To $15 An Hour. 'Hawaii National Bank (Honolulu, Hawaii) -- $1,000 bonuses; base wage raised to $15 per hour.' ('List Of Tax Reform Good News,' Americans For Tax Reform, 2/12/18)

Homestreet Increased Its Minimum Wage To $15 An Hour. 'Today, HomeStreet, Inc, the parent company of HomeStreet Bank, ('HomeStreet') announced that it has raised its company minimum wage to $15 per hour across all 111 retail branches and lending centers in seven states. The increase took effect January 1, 2018. The announcement comes on the heels of the recently signed federal tax reform bill that cut the corporate tax rate from 35 percent to 21 percent.' ('HomeStreet Bank Increases Minimum Wage Company-Wide,' Business Wire , 1/16/18)

Humana Increased Their Minimum Wage To $15 An Hour. 'Humana also intends to raise the minimum hourly rate in the continental U.S. for full- and part-time employees to $15. A spokeswoman did not respond to questions about how many workers would be eligible for bonuses or how much of a raise the $15 rate represents over the unspecified current rate.' (Grace Schneider, 'Humana Will Share The Wealth From Tax Cut With New Incentive Pay, Boosted Minimum Wage,' Louisville Courier Journal , 1/17/18)

INB Bank Raised Their Minimum Wage To $15 An Hour To Pass On Their Tax Savings To Their Employees. 'The new tax reform law will revamp the tax framework and reduce the maximum tax rate for corporations from 35 percent to 21 percent. Historically, INB's parent company, Northwest Bancorp has paid the maximum tax rate so it expects a tax cut of approximately 14 percent. At year-end 2017, INB will pay a bonus of $500 to each of its 200 employees, excluding its Senior Management Team. Additionally, it will establish the company's minimum wage at $15 an hour effective, January 1st, 2018. INB will also adjust other employee wages for those making more than $15 an hour. The total wage adjustment will affect more than one third of their entire workforce.' (Press Release, 'INB Plans To Share Corporate Tax Savings With Staff, INB Bank , 12/27/17)

JPMorgan Increased Their Minimum Wage To $16.50 . 'JPMorgan promised to hire 4,000 employees in the United States and to ramp up its small business lending by $4 billion. For those already working at JPMorgan, the bank plans to boost pay for tellers, customer service representatives and other mostly frontline workers to between $15 and $18 an hour. New York, San Francisco and Boston employees will get $18 an hour, while pay in Chicago, Detroit and Wilmington, Delaware, will go to $16.50.' (Matt Egan, '22,000 Jpmorgan Chase Workers Are Getting A Raise,' CNN , 1/23/18)

Wisconsin Based Johnson Bank Raised Their Minimum Wage To $15 An Hour. 'Johnson Bank (Racine, Wisconsin) - base wage raised to $15 per hour.' ('List Of Tax Reform Good News,' Americans For Tax Reform, 2/12/18)

Keycorp Raised Their Minimum Wage To Share Their Tax Saving With Employees. 'Key will be sharing the expected tax benefits with its employees by increasing its minimum wage and making the additional retirement plan contribution referenced above. These actions will benefit over 80% of our workforce and allow us to reward and invest in the financial wellness of our employees.' (Press Release, 'KeyCorp Reports Fourth Quarter 2017 Net Income Of $181 Million, Or $.17 Per Common Share,' KeyCorp , 1/18/18)

Indiana Based MainSource Financial Group Raised Their Minimum Wage To $15 An Hour. 'MainSource Financial Group will raise the starting pay and minimum hourly rate to $15 an hour effective immediately for all of its non-exempt, non-commissioned employees. This announcement comes as a result of the recently passed tax legislation, which includes a reduction in corporate tax rates.' (Press Release, 'Mainsource Financial Group Announces Pay Increase For Hourly Employees,' Mainsource Financial Group , 1/3/18)

MB Financial Raised Its Minimum Wage To $15 An Hour. 'Also as a result of the new tax legislation, MB will raise its minimum wage to $15 per hour and pay certain one-time bonuses. It's expected that nearly 75 percent of MB's approximately 3,600 team members across the country will participate in these new compensation measures. 'Our employees are truly different. Their passion sets them apart. It's no wonder they go beyond every day for our clients, our communities, and each other. I'm thrilled we can pass along the benefits of tax reform to them,' Feiger said.' (MB Financial Reinvests, Hikes Minimum Wage,' Daily Herald , 12/29/17)

Marsh & McLennan Companies Inc. Increased Their Minimum Wage To $16 An Hour. 'One time $1,000 bonus to employees earning $55,000/year or less, U.S. employees earning below $16/hour to receive a pay raise to $16/hour.' (Nick Wells, Hellen Zhao, and Fred Imbert, 'These Companies Are Paying Bonuses With Their Tax Savings,' CNBC , 1/26/18)

Meridian Bancorp, Inc. Raised Their Minimum Wage To $15 An Hour. 'Meridian Bancorp, Inc. the holding company for East Boston Savings Bank (the 'Bank'), following the new tax law being passed by Congress and signed by the President on December 22, 2017, announced the following enhanced commitments to the Bank's employees, infrastructure investment and charitable giving which will benefit its customers and the communities it serves: The minimum wage for all employees will increase to $15 per hour.' (Press Release, 'Meridian Bancorp, Inc. And East Boston Savings Bank Announce Their 2018 Commitment To Their Employees, Infrastructure And Charitable Giving,' Meridian Bancorp , 1/3/18)

NBT Bank Increased Their Minimum Wage To $15 Per Hour . 'NBT Bank Increased minimum wage to $15 per hour, Increased wages of employees earning less than $50,000 by a minimum of 5%, Will increase investment in infrastructure to enhance customer-facing technology and contributions to nonprofit organizations in its communities in 2018.' ('Tax Reform Allows Banks To Invest In Employees And Communities,' American Bankers Association ,' 2/9/18)

OceanFirst Financial Corp. Increased Its Minimum Wage To $15 An Hour. 'Going into 2018 with a sharply lower corporate tax rate, OceanFirst Financial Corp. plans to increase the minimum wage of tellers and customer service workers to $15 an hour, its chief executive officer said Friday.' (Michael L. Diamond, 'Oceanfirst Bank Raises Minimum Wage To $15 An Hour After Tax Reform,' USA Today , 12/23/17)

Peoples Bank Has Raised Their Minimum Wage To $15 An Hour. 'Peoples Bank has joined other companies who say they are investing in its employees in response to recently passed federal tax reform legislation. The Bellingham-based bank said it was raising the minimum wage to $15 an hour for all hourly employees and is increasing its match to each eligible employee's 401K retirement benefits to 8 percent, according to a news release. Peoples Bank also will evaluate how to minimize wage compression for employees already making around $15 an hour, said Samara Villasenor, a spokeswoman representing Peoples Bank.' (Dave Gallagher, 'This Bellingham-Based Bank Is Raising Wages As A Result Of Federal Tax Reform,' The Bellingham Herald , 1/11/18)

PNC Financial Services Will Raise Their Minimum Wage To $15 An Hour By The End Of 2018. 'PNC Financial Services Group announced today it would be investing in its employee with cash, retirement fund cash and an increase in minimum pay following today's signing of the tax reform bill. The company said it will provide an additional $1000 cash payment to 47,500 employees and $1,500 to their existing pension accounts. The cash payment to 47,500 employees was estimated to reach 90% of PNC employees. It is set for all employees below an unspecified compensation band. PNC Financial Services said they will raise the minimum pay rate to $15-an-hour by the end of 2018.' ('PNC Bank Announces Employee Cash Bonuses After Tax Reform Bill,' Cbs Pittsburgh , 12/22/17)

SunTrust Has Increased Their Minimum Wage To $15 An Hour. 'SunTrust has made the following commitments: $50 million in additional community grants to national and local financial well-being efforts, Minimum wage increase to $15 per hour, Merit base pay increases for certain other hourly teammates (approximately 20 percent of workforce). A one percent 401(k) contribution to retirement savings for all teammates, in addition to the company's six percent match opportunity, $1,000 financial incentive for all teammates that complete the SunTrust Momentum onUp financial fitness program.' (Press Release, 'SunTrust To Increase Minimum Wage, Build Teammate Savings And Create $50 Million Community Fund For Financial Well-Being,' SunTrust Banks , 12/28/17)

Territorial Savings Bank Increased Their Minimum Wage To $15 An Hour . 'Territorial Savings Bank (Honolulu, Hawaii) -- $1,000 bonuses to 247 employees; base wage hike from $11.25 to $15.00 per hour.' ('List Of Tax Reform Good News,' Americans For Tax Reform, 2/12/18)

U.S. Bancorp Increased Their Minimum Wage To $15 An Hour. 'U.S. Bancorp (Minneapolis, Minnesota) - $1,000 bonuses for 60,000 employees; base wage hike to $15 per hour; $150 million charitable contribution.' ('List Of Tax Reform Good News,' Americans For Tax Reform, 2/12/18)

Wells Fargo Raised Their Minimum Wage To $15 An Hour . 'Wells Fargo was among the corporations out this week to say it was raising its minimum wage to $15 due to the tax cuts.' (Eric Rosenbaum, 'The Tortured Truth Behind Wells Fargo's 'Trump Tax Cut' Minimum Wage Raise,' CNBC , 12/23/17)

Windsor Federal Savings Increased Their Minimum Wage To $15 An Hour. 'Windsor Federal Savings in Windsor, Conn., will pay a $250 bonus to all employees (excluding senior management), and raise the hourly minimum wage to $15 per hour.' ('Banks Announce Wage Hikes, Charitable Contributions Following Passage Of Tax Reform,' ABA Banking Journal , 12/29/17)

Wintrust Financial CorporationRaised Their Minimum Wage To $15 An Hour. 'Wintrust Financial Corporation (Rosemont, Illinois) -- base wage raised to $15 per hour.' ('List Of Tax Reform Good News,' Americans For Tax Reform, 2/12/18)

Tax Reform's Benefits Will Be Felt For Years To Come As U.S. Companies Have Pledged To Increase Investment In The United States Economy By $101,067,500,000 As A Result Of The Tax Cuts And Jobs Act

U.S. Companies Have Pledged To Increase Investment In The United States Economy By $101,067,500,000 As A Result Of The Tax Cuts And Jobs Act. ('List Of Tax Reform Good News,'Americans For Tax Reform, 2/12/18)

BUT DESPITE ALL THE GOOD NEWS, DEMOCRATS HAVE DISPARAGED THE REAL BENEFITS OF THE TAX CUTS AND JOBS ACT

Democrats Do Not Think That The Hundreds Of Companies Giving Bonuses And Pay Raises Is A Positive Thing

House Minority Leader Nancy Pelosi (D-CA) Characterized The Bonuses Companies Are Offering Workers As 'Crumbs.' 'House Minority Leader Nancy Pelosi on Thursday dismissed as 'crumbs' the recent wave of bonuses given to workers by large corporations in the wake of the Republican tax law's passage. '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,' Pelosi told reporters.' (Bob Bryan, 'Nancy Pelosi Says Companies' Bonuses To Workers Because Of The Tax Bill Are 'Crumbs,'' Business Insider , 1/11/18)

  • Pelosi Is The Fifth Wealthiest Member Of The House Of Representatives And Has An Estimated Net Worth Of Over $43 Million. (Nancy Pelosi, Center For Responsive Politics , Accessed 2/14/18)

Sen. Sherrod Brown (D-OH) Played Down The Bonuses Saying That The Payments Are 'Often A One-Shot Deal.' 'Sen. Sherrod Brown (D-Ohio), while applauding companies that are giving out bonuses, added that such payments 'are often a one-shot deal.'' (Igor Bobic, 'Democrats Downplay Bonuses Employees Are Getting In Wake Of GOP Tax Law,' The Huffington Post , 1/9/18)

Sen. Claire McCaskill (D-MO) Said That Despite The Bonuses The Bill Is Still 'Is Not Going To Be Helpful To The Vast Majority Of People.' ''Listen, I think it's great when companies want to give workers bonuses,' Sen. Claire McCaskill (D-Mo.) said Tuesday. 'That doesn't change the reality of the numbers. It's a debt-inducing, make-rich-people-richer tax bill that in the long run is not going to be helpful to the vast majority of people in my state that are sitting around the kitchen table trying to figure out how [to] come out even at the end of the month.'' (Igor Bobic, 'Democrats Downplay Bonuses Employees Are Getting In Wake Of GOP Tax Law,' The Huffington Post , 1/9/18)

Sen. Chuck Schumer Argued That 'There Is A Reason So Few Executives Have Said The Tax Bill Will Lead To More Jobs, Investments And Higher Wages' Mere Days After The Bill Passed. 'Democratic leaders argued that companies were hardly spending all of their savings under the tax plan on their workers. The office of Senate Minority Leader Charles E. Schumer (D-N.Y.) circulated a list of more than 30 large companies that have announced a combined $83.7 billion in share buybacks in recent days in anticipation of the bill's passage. 'There is a reason so few executives have said the tax bill will lead to more jobs, investments and higher wages - because it will actually lead to share buybacks, corporate bonuses and dividends,' Schumer spokesman Matt House wrote in an email to reporters.' (Phillip Rucker, 'Companies That Tie Announcements To Tax Bill Earn Goodwill With Trump,' The Washington Post , 12/22/17)

Democrats Have Long Advocated For A $15 Minimum Wage

A $15 Minimum Wage Is Part Of The Democratic Party Platform. 'Democrats believe that the current minimum wage is a starvation wage and must be increased to a living wage. No one who works full time should have to raise a family in poverty. We believe that Americans should earn at least $15 an hour.' ('The 2016 Democratic Platform,' Democrats.Org, Accessed 2/12/18)

In 2017, Democratic Leadership Proposed A Bill That Would Increase The Minimum Wage To $15. 'But Democratic leaders in the House and Senate made their support for the wage hike official on Thursday, proposing a largely symbolic bill that would gradually increase the minimum wage until it hits $15 an hour in 2024.' (Cora Lewis, 'It's Official: A $15/Hr Minimum Wage Is Democratic Party Policy,' Buzzfeed News , 5/26/17)

Sen. Schumer Said That That Bill Was 'A Part Of Our Agenda.' ''Democrats have been working to put together a bold, sharp-edged agenda, and this bill will be a part of our agenda - that will be spoken about and lobbied for and pushed for from one end of the country to another,' Senate Minority Leader Chuck Schumer said at a press conference introducing the bill Thursday.' (Cora Lewis, 'It's Official: A $15/Hr Minimum Wage Is Democratic Party Policy,' Buzzfeed News , 5/26/17)

Rep. Pelosi Vowed That She Would 'Take Up A $15 Minimum Wage In The First 100 Hours Of The Next Congress' If Democrats Took Back Congress Next Cycle. 'House Minority Leader Nancy Pelosi on Thursday vowed to take up a $15 minimum wage in the first 100 hours of the next Congress if Democrats take back the chamber next year. Pelosi offered the commitment while appearing alongside fellow Democratic leaders and advocates to release new legislation raising the minimum wage to $15. Her comments offer an early view at Democrats' potential agenda for the House if they can regain control in 2018, a long-shot prospect that some in the party think could grow increasingly more realistic given President Donald Trump and the GOP's recent struggles.' (Elana Schor, 'Pelosi: Dems Will Pass $15 Minimum Wage If We Take Power,' Politico , 5/25/17)

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