These Companies are Investing in their Workers, Businesses, and Communities Because of Tax Reform

Jan 03, 2018 - 5:30pm

Executive Vice President and Chief Policy Officer

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Boeing's 737 Max 9 jetliner at the company's manufacturing facility in Renton, WA.
Boeing's 737 Max 9 jetliner at the company's manufacturing facility in Renton, WA.

Last updated: 1/11/2018

Less than two months ago, the U.S. Chamber hailed the emerging tax reform bill as a “pro-growth measure that will help grow the economy, create jobs, and increase paychecks for American workers.”

The bill has been law for less than two weeks, but already businesses across the country are raising wages, giving employees bonuses, and increasing retirement contributions.

And here is the very best part: this is just the beginning.

As the benefits of tax reform work their way through the economy, businesses of all sizes will invest and grow, creating new jobs and lifting wages.

In the coming weeks, we will be launching an effort here at the Chamber to track these positive developments.

In the meantime, check out this partial list of the good news from the just the past two weeks thanks to pro-growth tax reform.

The cities listed are the locations of the companies’ headquarters.

AAON (Tulsa, OK)

AAON announced that employees (excluding officers) will receive a $1,000 bonus in recognition of the new tax reform law. (Tulsa World, 1/3/18)

Advance Financial (Nashville, TN)

Advance Financial will increase its 401(k) match for employees, increase the share of profits that front line employees can receive, and increase its giving to the advance financial foundation. (Press Release, 1/8/18)

Aflac Inc. (Columbus, GA)

Aflac announced “it will increase its 401(k) match from 50 percent to 100 percent on the first 4 percent of employee contributions and will also contribute $500 to each employee’s 401(k) plan.” (Washington Examiner, 12/28/17)

  • “Aflac also pledged to boost its investment in the U.S. by $250 million over the next three to five years by growing its U.S. operation and expanding benefits and training programs for workers.” (Washington Examiner, 12/28/17)

AccuWeather (State College, PA)

AccuWeather announced it would give all of its employees year-end bonuses. (Bloomberg, 12/26/17)

Alaska Air Group (SeaTac, WA)

Alaska Air Group announced it would give special, one-time bonuses of $1,000 to each for its 22,000 workers. (Puget Sound Business Journal, 1/4/18)

American Airlines (Fort Worth, TX)

American Airlines announced it would give $1,000 employee bonuses totaling about $130 million sometime during the first quarter of 2018. (Business Insider, 1/2/18)

American Bank (Allentown, PA)

American Bank announced it would pay $1,000 bonuses to its 60 workers. (The Morning Call, 12/22/17)

American Savings Bank (Honolulu, HI)

American Savings Bank said it would award $1,000 bonuses to 1,150 employees and increase the minimum wage for its workforce to $15.25 an hour. (The Honolulu Star-Advertiser, 12/23/17)

Americollect (Manitowoc, WI)

Americollect announced it would provide a maximum bonus of $500 to its roughly 250 employees. (USA Today Network, 12/21/17)

Aquesta Financial Holdings Inc. (Lake Norman, NC)

Aquesta Financial Holdings announced it would provide a $1,000 bonus to its employees and raise the minimum wage for its workforce to $15. (Martinsville Bureau, 12/26/17)

Associated Bank (Green Bay, WI)

Associated Bank announced “it will boost its minimum hourly wage to $15 and pay workers a $500 bonus when the recently passed federal tax reform is signed …” (Milwaukee Journal Sentinel, 12/21/17)

Atlas Air (Purchase, NY)

Atlas Air announced a special one-time $1,000 bonus payment to all full-time flight and ground staff employees below the officer level. (Press Release, 12/29/17)

AT&T (Dallas, TX)

AT&T announced “it would give more than 200,000 U.S. union members a special bonus of $1,000. The company also increased its capital expenditures budget by $1 billion in the U.S.” (CNBC, 12/20/17)

Ball Ventures (Idaho Falls, ID)

Ball Ventures announced it would give a $100 bonus to each employee for every year of their employment at the company. (East Idaho News, 12/27/17)

Baltimore Gas And Electric (BGE) (Baltimore, MD)

Baltimore Gas And Electric sought to pass approximately $82 million in annual tax savings to customers. (Press Release, 1/5/18)

  • BGE proposed reducing the average monthly bill for a natural gas and electric customer by $4.27. (WTOP, 1/5/18)

BancorpSouth Bank (Tupelo, MS)

BancorpSouth Bank announced it would provide pay increases and/or bonuses totaling more than $10 million. (Biz Buzz, 1/4/18)

  • BancorpSouth provided a $1,000 bonus to nearly 20% of its 4,000 employees, while the overall increased compensation affected more than 70% of its employees. (Biz Buzz, 1/4/18)

Bank of America (Charlotte, NC)

Bank of America will give $1,000 bonuses to about 145,000 employees. (The Wall Street Journal, 12/22/17)

Bank of Hawaii (Honolulu, HI)

Bank of Hawaii said it would give out $1,000 cash bonuses to 2,074 employees and increase the minimum wage for its workforce to $15 an hour. (The Honolulu Star-Advertiser, 12/22/17)

Bank of the James (Lynchburg, VA)

Bank of the James raised its minimum wage to $15, added vacation days, and increased its charitable giving plans. (ABA Banking Journal, 1/2/18)

Bank of the Ozarks (Little Rock, AK)

Bank of the Ozarks announced 2,300 employees were eligible to receive a cash award of up to $1,200 annually based on company and individual employee performance. (Talk Business & Politics, 1/3/18)

BB&T Corp. (Winston-Salem, NC)

BB&T Corp. announced it would provide a $1,200 bonus to approximately 27,000 employees and raise the minimum wage for its workforce to $15. (Martinsville Bulletin, 12/26/17)

Boeing (Chicago, IL)

“Boeing announced … that it would invest $300 million in charitable projects, employee training and education, and facilities improvements for Boeing locations.” (The Daily Caller, 12/20/17)

Central Pacific Bank (Honolulu, HI)

Central Pacific Bank announced it would provide a $1,000 bonus to its non-executive workforce of about 850 employees and raise the minimum wage for its workforce to $15.25 an hour. (The Honolulu Star-Advertiser, 12/25/17)

Citizens Financial Group (Providence, RI)

Citizens Financial Group announced it would give $1,000 one-time bonuses to 70% of its workforce, adding up to $12.5 million. (Washington Examiner, 1/4/18)

Comcast (Philadelphia, PA)

Comcast announced it would give out $1,000 bonuses to “eligible frontline and non-executive employees.” (The Washington Post, 12/20/17)

Comerica Inc. (Dallas, TX)

Comerica announced it would provide a $1,000 bonus to approximately 4,500 employees and raise the minimum wage for its workforce to $15. (Comerica Inc., Press Release, 12/29/17)

Commerce Bancshares (Kansas City, MO)

Commerce Bancshares will provide a $1,000 bonus to 3,450 full-time employees, while eligible part-time employees would receive a $250 bonus. (St. Louis Post-Dispatch, 1/2/18)

Commonwealth Edison (Chicago, IL)

Commonwealth Edison announced it is passing on $200 million worth of tax savings to its customers. (Press Release, 1/5/18)

Community Trust Bancorp, Inc. (Pikeville, KY)

Community Trust Bancorp announced it would pay all full-time employees a $1,000 bonus. (The Lane Report, 12/26/17)

Copperleaf Assisted Living (Wisconsin)

Copperleaf Assisted Living announced it would provide about 60 employees a $600 bonus and other employees a bonus ranging between $200 and $600. (USA Today Network, 12/22/17)

Dayton T. Brown, Inc. (Bohemia, NY)

Dayton T. Brown announced it would provide a $400 bonus to about 210 employees. (Newsday, 12/22/17)

Delaware Supermarkets (Wilmington, DE)

Delaware Supermarkets announced it would provide $150 bonuses to 1,000 employees and invest $150,000 in employee training and development programs. (Delaware Business Now, 12/28/17)

DePatco (Idaho Falls, ID)

DePatco accepted a challenge to give bonuses to all of its employees. (Press Release, 1/4/18)

Elmer Smith Oil Company (Clinton, OK)

Elmer Smith Oil Company and its subsidiaries paid bonuses to more than 300 employees. (The Shawnee News-Star, 12/29/17)

Ennis, Inc. (Midlothian, TX)

Ennis announced it would provide a $500 bonus to more than 2,200 employees. (Press Release, 12/22/17)

ES Bancshares, Inc. (Newburgh, NY)

ES Bancshares announced it would provide a $500 bonus to its full-time employees and would add at least 10 new jobs. (Press Release, 1/2/17)

Eversource Energy (Boston, MA)

Some Massachusetts Customers of Eversource Energy “could end up paying less for their electricity after the energy company proposed changes based on the new federal tax law.” (State House News Service, 1/4/18)

Express Employment Professionals (Oklahoma City, OK)

Express Employment Professional announced it would pay a $2,000 bonus to more than 200 non-executive employees. (The Oklahoman, 12/27/17)

Fifth Third Bancorp (Cincinnati, OH)

Fifth Third Bancorp announced it will pay more than 13,500 employees a $1,000 bonus and raise the minimum wage for its workforce to $15. (CNBC, 12/20/17)

FirstCapital Bank of Texas (Texas)

FirstCapital Bank of Texas’ chairman announced they are giving all non-executive employees a $500 tax cut bonus. (Twitter, 12/20/17)

First Farmers Bank and Trust (Converse, IN)

First Farmers Bank and Trust announced “it would raise its minimum hourly wage by $2.50, provide a 2017 year-end bonus of $750 for all full-time employees, invest at least $250,000 annually in community development activities and spend at least $150,000 per year on employee professional development.” (ABA Banking Journal, 1/2/18)

First Financial Northwest, Inc. (Renton, WA)

First Financial Northwest announced a $1,000 after-tax bonus for all non-executive employees. (Press Release, 1/2/18)

First Hawaiian Bank (Honolulu, HI)

First Hawaiian Bank said it would give out $1,500 bonuses to 2,264 employees and increase the minimum wage for its workforce to $15 an hour.  (The Honolulu Star-Advertiser, 12/22/17)

First Horizon National Corp. (Memphis, TN)

First Horizon National Corp. announced it would give about 4,000 employees a $1,000 bonus. (USA Today Network, 12/27/17)

Flemington Car And Truck Country Family Of Brands (Flemington, NJ)

The Flemington Car And Truck Country Family Of Brands will award its full-time employees a $500 bonus, in addition to potentially upgrading its facility and hiring additional workers. (NJBiz.com, 1/8/18)

The Flood Insurance Agency (Florida)

The Flood Insurance Agency announced it would provide a $1,000 bonus to its employees. (The Flood Insurance Agency, Accessed 1/4/18)

Gate City Bank (Fargo, ND)

Gate City Bank announced it would provide $1,000 bonuses to its employees, $500,000 in free home appraisals to its customers, and planned to donate $500,000 to the community. (Inforum, 12/29/17)

Great Southern Bancorp, Inc. (Springfield, MO)

Great Southern Bancorp announced it would distributed bonuses to its 1,200 employees, including a $1,000 bonus for full-time employees. (Press Release, 1/3/18)

HarborOne Bank (Brockton, MA)

HarborOne Bank announced it would give a $500 bonus to more than 600 bank employees and accelerated its plan to implement a $15 minimum wage. (Boston Business Journal, 12/27/17)

Hartford Financial Services Group Inc. (Hartford, CT)

The Hartford Financial Services Group will award $1,00 bonuses to approximately 9,500 employees. (Hartford Courant, 1/5/18)

IAT Insurance Group (Raleigh, NC)

IAT Insurance Group announced it would pay a $3,000 bonus to approximately 700 employees. (IAT Insurance Group, Press Release, 12/21/17)

Inland Northwest Bank (Spokane, WA)

Inland Northwest Bank announced it would raise its starting wage to $15 per hour and provide $500 year-end bonuses to all employees except senior executives. (The Spokesman Review, 1/2/18)

JetBlue (New York, NY)

JetBlue announced it planned to distribute a $1,000 bonus to about 21,000 crewmembers. (Press Release, 1/4/18)

Kansas City Southern (Kansas City, MO)

Kansas City Southern announced it would provide a $1,000 bonus to employees. (Press Release, 12/21/17)

Melaleuca (Idaho Falls, ID)

Melaleuca announced it will give their 2,000 employees a one-time bonus of $100 for every year they have worked at the company. (The Associated Press, 12/21/17)

National Bank Holdings Corp. (Greenwood Village, CO)

National Bank Holdings Corp. announced it would provide a $1,000 bonus to about half of the company’s employees. (Kansas City Business Journal, 12/29/17)

Nephron Pharmaceuticals (Columbia, SC)

Nephron Pharmaceuticals announced that 640 employees would receive a 5% pay raise, bringing the average salary to $70,000 a year and a base wage of $15 an hour. (The Post And Courier, 12/27/17)

Nationwide (Columbus, OH)

Nationwide announced it will give a $1,000 bonus to all but its highest-ranking executives and increase the company match for the 401(k) retirement-saving plan. (Columbus Dispatch, 1/3/18)

Navient (Wilmington, DE)

Navient announced it would give approximately 98% of its 6,700 employees a $1,000 bonus. (Wilkes Barre Times Leader, 1/2/18)

Nelnet (Lincoln, NE)

Nelnet will give nearly all of its 4,100 employees a $1,000 bonus. (Lincoln Journal-Star, 12/22/17)

OceanFirst Financial Corp. (Toms River, NJ)

OceanFirst Financial announced it would raise the minimum wage for 232 employees. (USA Today Network, 12/23/17)

Ohnward Bancshares (Maquoketa, IA)

Ohnward Bancshares announced it would pay a $1,000 bonus to every company employee. (Clinton Herald, 12/22/17)

Pacific Power (Portland, OR)

Pacific Power announced that it hopes to reduce the rates paid by its customer following approval from the state public utility commission. (Press Release, 1/3/18)

Pepco (Washington, DC)

Pepco announced they will file with the public service commission to provide annual tax savings to more than 296,000 electric customers in the District of Columbia. If approved, Pepco would plan to begin providing a credit lowering customer bills starting in the first quarter of 2018. (Press Release, 1/5/18)

Pinnacle Bank (Nebraska)

Pinnacle Bank will give $1,000 bonuses to 1,007 employees in Nebraska, Kansas, and Missouri. (Lincoln Journal-Star, 12/22/17)

PNC (Pittsburgh, PA)

PNC announced it would give 90% of its employees a $1,000 bonus, add $1,500 to employees’ defined benefit pension plan, raise the minimum wage for its workforce to $15, and make a $200 million contribution to the PNC Foundation. (Pittsburgh Post-Gazette, 12/22/17)

Regions Bank (Birmingham, AL)

Regions Bank announced it will raise its minimum wage to $15 per hour, contribute $40 million to its charitable foundation, and increase its capital expenditures budget by about $100 million. (Commercial Appeal, 1/3/18)

Renasant Bank (Tupelo, MS)

Renasant Bank planned to give pay increases or bonuses to its more than 2,000 employees. (Biz Buzz, 1/4/18)

RPMS Group, LLC (Dearborn, MI)

RPMS Group announced it started providing bonuses in the range of $1000-$2000 and increased its capital investment budget for 2018. (Press Release, 1/9/18)

Rush Enterprises Inc. (New Braunfels, TX)

Rush Enterprises announced it would provide a $1,000 bonus to its approximately 6,600 employees after the president signed the tax bill into law. (Rush Enterprises Inc., Press Release, 12/21/17)

Sinclair Broadcast Group (Hunt Valley, MD)

Sinclair Broadcast Group announced “it would pay a $1,000 bonus to almost 9,000 of its full-time and part-time employees after the recent passage of the gop tax bill.” (The Hill, 12/22/17)

Southwest Airlines (Dallas, TX)

Southwest Airlines announced it would give $1,000 bonuses to all its full-time and part-time employees on January 8, 2018. (Business Insider, 1/2/18)

Stifel Financial Corp. (St. Louis, MO)

Stifel Financial Corp. announced that it would provide a $1,500 bonus to approximately 7,000 salaried employees.  (AdvisorHub, 12/26/17)

Summit State Bank (Santa Rosa, CA)

Summit State Bank announced it would provide a $2,000 bonus to each of its non-executive employees. (North Bay Business Journal, 12/29/17)

SunTrust Banks Inc. (Atlanta, GA)

SunTrust announced it would give $50 million in additional community grants to national and local financial well-being efforts, increase the minimum wage to $15, provide merit based pay increases for certain hourly employees, and a 1% 401(k) contribution to retirement savings for all employees. (Press Release, 12/28/17)

TCF Financial (Plymouth, MN)

TCF Financial announced it will provide approximately $5 million in one-time bonuses to employees, $1,000 to full-time workers and $500 to part-timers, who earned less than $100,000 in 2017, about 80% of their workforce.  (Minneapolis Star Tribune, 1/3/17)

Territorial Savings Bank (Hawaii)

Territorial Savings Bank announced it would give 247 employees a $1,000 bonus and increase its starting wage to $15. (The Star Advertiser, 12/27/17)

Texas Capital Bank (Dallas, TX)

Texas Capital Bank announced it would give more than 900 employees a $1,000 bonus. (Press Release, 12/22/17)

Travelers Cos. (New York, NY)

Travelers Cos. announced it would give $1,000 bonuses to about 14,000 employees and raise its minimum wage to $15. (Hartford Courant, 12/22/17)

Total System Services, Inc. (Columbus, GA)

Total System Services announced it would give a $1,000 bonus to a majority of its 11,500 employees. (Atlanta Business Chronicle, 1/2/18)

Turning Point Brands (Louisville, KY)

Turning Point Brands announced it would give a $1,000 bonus to its 107 employees. (Louisville Business First, 12/29/17)

Unity Bancorp, Inc. (Clinton, NJ)

Unity Bancorp announced it would provide employees a $750 bonus. (Press Release, 12/26/17)

U.S. Bancorp (Minneapolis, MN)

U.S. Bancorp said it would give nearly 60,000 employees a $1,000 bonus and raise the minimum wage for its workforce to $15. (American Banker, 1/2/18)

  • U.S. Bancorp will also make unspecified “enhancements” to employee health plans. (American Banker, 1/2/18)

Washington Federal (Seattle, WA)

Washington Federal announced “a 5 percent merit-based increase in wages for all employees earning less than $100,000 annually as well as an investment in employee training programs.” (The Bellingham Herald, 12/20/17)

  • The bank will also increase its technology staff by 25%, add an additional tech office in Boise, ID, and donate $5 million to community nonprofit organizations. (The Bellingham Herald, 12/20/17)

Wells Fargo (San Francisco, CA)

Wells Fargo announced it would boost its employees’ minimum wage to $15 and would target $400 million in donations to community nonprofit organizations in 2018. (CNBC, 12/20/17)

Western Alliance Bancorp (Phoenix, AZ)

Western Alliance Bancorp said it “plans to increase the base pay of the lowest-paid 50% of employees by 7.5%,” increase bonuses, and “increase its 401(k) match from 50% of an employee’s contribution up to 6% of pay to 75% of an employee’s contribution up to that same level.” (The Wall Street Journal, 12/20/17)

Western & Southern Financial Group (Cincinnati, OH)

Western & Southern Financial Group announced it would give full-time employees a $2,000 bonus and part-time employees a $1,000 bonus, and the bonuses are tied to company performance. (Cincinnati Business Courier, 1/8/18)

Windsor Federal Savings (Windsor, CT)

Windsor Federal Savings announced a one-time special bonus of $250 for all employees except senior management and an increase of minimum wage for full-time employees to $15 per hour. (Press Release, 12/21/17)

YAM Worldwide

YAM Worldwide announced it would provide $2,000 bonuses to 725 employees who have been with the company longer than six months and $1,000 bonuses to all other staffers. (CNN Money, 12/22/17)

Yancey Bros. (Austell, GA)

Yancey Bros. announced it would provide its roughly 1,200 employees with a $500 bonus. (Marietta Daily Journal, 12/29/17)

Zions Bancorp (Salt Lake City, UT)

Zions Bancorp plans to offer $1,000 bonuses to 80% of its employees and increase compensation for more than 40% of its employees. (American Banker, 1/2/18)

  • “The $65 billion-asset company will also contribute $12 million to its corporate foundation, which in 2017 donated to a range of nonprofits, including the united way, homeless shelters and other charitable causes.” (American Banker, 1/2/18)
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About the Author

About the Author

Headshot of Neil Bradley
Executive Vice President and Chief Policy Officer

Neil Bradley, senior vice president and chief policy officer at the U.S. Chamber of Commerce, has spent two decades working directly with congressional committee chairpersons and other high-ranking policymakers to achieve solutions.