The Tax Cuts and Jobs Act, passed last December, spurred more than 350 businesses (ranging from small businesses to corporations) to make announcements of one-time bonuses and enhanced benefits for their employees and customers.
Freedom Partners Chamber of Commerce, a pro-free market organization, has published and updated a list naming all the companies and their announcements.
Before, we noted that Apple (20,000 new jobs and a new U.S.-based campus), JP Morgan Chase ($20 billion investment in the U.S.), Starbucks (raised minimum wage, expanded sick time off and parental leave for non-parents), Home Depot (employee bonuses $200 to $1,000 based on time with the company) and Johnson & Johnson (multi-million dollar investment on research and development) made announcements of significant investments in the U.S. due to the tax law.
The list has since expanded to other major companies, such as the ten major companies below:
- American Airlines: $1,000 bonus to team members
- AT&T: $1,000 bonus to over 200,000 employees and $1 billion U.S. capital spending
- BB&T Bank: $1,200 bonus to nearly three-fourths of its employees
- Best Buy: $500-1,000 bonus to employees
- Boeing: $300 million investment in employees and charities
- Capital One: Raised minimum wage
- Charles Schwab: $1,000 bonus to 9,000 employees
- Chipotle: $1,000 bonus, cash and stock bonuses, and enhanced parental leave
- Comcast Universal: Employee bonus and capital investments
- CVS: Raise starting hourly pay to $11 an hour, four paid weeks of paternal leave for full-time employees
The success of the tax law concerned Democratic lawmakers such as Minority Leader Nancy Pelosi to dismiss these bonuses as “crumbs.”
You can click here to see the entire list.