Tax Reform Continues to Boost the American Economy, Benefiting Millions of Workers
Jan 26, 2018 by AFP
It’s been nearly a month since the passage of tax reform and thousands of American workers and their families are experiencing the benefits of the new law firsthand.
Businesses were quick to respond to the Tax Cuts and Jobs Act, announcing employee bonuses and new investments in communities across America.
Now, another wave of major companies has announced benefits for hardworking Americans. These companies include:
- Apple – As a result of the new tax law, Apple plans to give out $2,500 in employee bonuses in the form of restricted stock units and hire an additional 20,000 employees. The tech giant also plans to spend an additional $30 billion in the U.S. over the next five years. Apple will also increase its support of coding education and science, technology, engineering, arts and math (STEAM) programs.
- Disney – The Walt Disney Co. announced $1,000 cash bonuses for 125,000 employees and the launch of a new $50 million higher education program.
- J.P. Morgan Chase – Citing the new reforms, J.P. Morgan Chase announced plans to spend $20 billion to raise hourly wages, add 4,000 jobs and open 400 new branches across the United States.
- Starbucks – Starbucks is awarding workers stock grants totaling more than $100 million and investing roughly $120 million in increasing wages for more than 150,000 U.S. employees.
- Verizon – Verizon has announced that it will give an estimated 155,000 employees shares of restricted stock.
In the days, months, and years ahead, we will continue to see tax reform’s positive impact on the American economy as more businesses choose to bring cash back to America from overseas and invest in their local communities, employees and domestic infrastructure.
It’s clear: tax reform is paying off for American businesses and families.
Thank your lawmakers for passing tax reform today!