‘I am sure it seems like ‘crumbs’ to elitists but I was able to give them a $2 per hour raise…’
Since President Donald Trump signed tax reform into law, numerous major corporations have announced wage hikes and bonuses for their employees.
American Airlines gave 130,000 employees a $1,000 bonus, Walmart announced it will raise its minimum pay to $11 from $10 per hour, and Wells Fargo raised its minimum wage from $13.50 to $15, CNN reported.
But major corporations aren’t the only ones celebrating tax reform with bonuses and pay raises.
Americans for Tax Reform is keeping a list of every small business that has benefited from tax reform.
ATR also is compiling testimonials from business owners and employees about what tax reform means for them.
Bruce Zak, owner of Web Hobby Shop in Pontiac, Michigan, said, “I am sure it seems like ‘crumbs’ to elitists but I was able to give them a $2 per hour raise because of the tax reform. It was great to do and my staff is very pleased.”
Some companies can now expand their staff and equipment, due to tax reform.
“One is ordering more capital equipment, which is what the expensing provision of the new tax reform bill allows us to do,” said Dan Eberhart, CEO of Canary LLC. “And the second leg of that is hiring more people which we are furiously working on right now.”
Other companies have increased retirement benefits.
“Sun Community News and Printing, a small rural, free weekly newspaper serving the Adirondack Region of New York State is proud to announce, as a result of the recent tax cuts and the uptick in the economy, raises for all employees averaging approximately $1,000 each and will now be in a position to resume our 2% match to employees IRA accounts,” the company wrote.
Delaware Supermarkets has given $150 bonuses to 1,000 employees as a result of tax reform.
“This legislation benefits those of who count on Main Street budgets for our livelihoods, and it’s a privilege to share the benefits with the men and women who work so hard at ShopRite. It makes it possible to succeed in a very competitive industry,” said Melissa Kenny, director of sales and marketing.
FireBird Bronze, a foundry in Oregon, announced that it will give employees brand new benefits.
“Because of the tax cuts and the current business friendly climate we are for the first time offering employees health care insurance,” CEO Rip Caswell said.
Tax reform is allowing a small tow truck company in Florida to expand.
“The tax cuts are putting two more tow trucks on the road for my business. This will add two more full time job openings that will help two more families. And it will put a little more money in the bank for my family,” said Guy Jones, owner of Jones Auto & Towing.