by Margaret M. | January 3, 2018 11:08 am
Nearly 60,000 employees will be given bonuses at one American company whose CEO is applauding Trump’s tax cuts as the reason for the payout.
President Andy Cecere of U.S. Bancorp will give out $1,000 bonus checks and further raise the minimum wage for their hourly employees to $15 per hour.
On top of these perks for employees, the company will donate $150 million to the U.S. Bank Foundation, the charitable arm of the company. Cecere said that he believes that the Tax Cut and Reform Bill is “positive for the U.S. economy” because it allows his company to immediately compensate and benefit his employees, customers and the communities served by the Foundation.
“We felt it was important to reward their hard work and dedication with this special bonus, the minimum wage increase and the health care enhancements.”
As well, they will be upgrading their customer service projects by investing in new digital capabilities. The healthcare “enhancement” was not clarified, but will be effective for their 2019 enrollment period. Their capital investments will also extend to automation and payments technology as well as “multi-cultural initiatives.”
Trump has been trumpeting the news that several big companies are able to afford to dish out higher wages and bonuses to their employees while simultaneously investing in new capital on Twitter.
Companies are giving big bonuses to their workers because of the Tax Cut Bill. Really great!
— Donald J. Trump (@realDonaldTrump) January 2, 2018
Just before the end of the year, the University of Michigan declared that 2017 was the strongest year for American consumer sentiment since 2000. The survey, led by Richard Currin, found that there was a split between Democrats and Republicans who believed that the new Tax Cut and Reform Bill would help, with Democrats believing the fake news that their taxes will increase. As Trump pointed out during his speech after signing the bill, this belief will only last until February when people start opening up their pay stubs and realize they’re keeping more of what they earned. Economist Currin agreed, saying that “small gains in take-home pay may not spark an uptick in optimism,” but it will take the wind out of the nay-sayers.
When the Bill was first announced as having passed, Trump appeared with business leaders including Andy Cecere to celebrate. At his side was Sen. Tim Scott, who was attacked by the left-wing media for being invited on stage as a “manipulated prop” only up there because he is black. He tweeted back at one idiot, explaining that he was on the stage because he had “helped write the bill for the past year, have [had] multiple provisions included, [and] got multiple Senators on board over the last week and have worked on tax reform my entire time in Congress.”
U.S. Bancorp is the 7th largest bank of any type in the United States and primarily operates in the midwest. Its first branch was opened in Portland, Oregon, in 1891.
Source URL: https://rightwingnews.com/taxes/winning-another-major-corporation-announces-huge-bonuses-higher-min-wage-thanks-tax-reform/
Copyright ©2019 John Hawkins' Right Wing News unless otherwise noted.