The media narrative last year failed, which was that the Republican’s tax reform law would not result in employee bonuses or other increases in benefits.
Leading up to the passage and signing of the Tax Cuts and Jobs Act before Christmas last year, the media railed against the Right for pushing tax reform legislation and for predicting companies would re-invest tax savings in their workers.
Now, the list of companies who announced employee bonuses, more hiring initiatives, increases in 401(k) matches and minimum wages is more than 130 companies and counting, per Freedom Partners, a pro-free-market organization in the Koch network of organizations.
Here five major companies that have announced lately, with their specific announcements:
- Apple: 20,000 new jobs, will build a new U.S.-based campus and bring back $38 billion from overseas.
- JP Morgan Chase: $20 billion investment in the U.S.
- Starbucks: Raise their minimum wage from $9 to $11 an hour, paid sick time off, expanding parental leave to non-parents.
- Home Depot: employee bonuses between $200 to $1,000 based on time with the company
- Johnson and Johnson: more money spent on research and development in the U.S.