Analysis Finds 1 Million Americans So Far Getting Pay Raise From Tax Reform
Fred Lucas /
One million Americans are getting pay increases because of the tax reform package signed into law in December.
“More than one million hardworking Americans have already received a ‘Trump Bonus’ or ‘Trump Pay Raise’ as a result of the historic tax reform package that President Donald J. Trump signed into law just before Christmas,” @PressSec says.
That’s according to Americans for Tax Reform, a conservative group that established a running list of companies that have announced bonuses, wage hikes, and charitable donations.
“Just five days into 2018 the Tax Cuts and Jobs Act has changed the nation for the better,” Americans for Tax Reform President Grover Norquist said in a statement. “American companies are raising wages, paying bonuses, expanding operations, and increasing 401(k) contributions.”
The website asks for people to provide information if they are aware of other companies providing pay raises because of tax reform.
President Donald Trump and Republicans in Congress said the reform would grow the economy, while Democrats argued the corporate tax cuts would not benefit employees.
White House press secretary Sarah Huckabee Sanders issued a statement Friday night, which said:
More than one million hardworking Americans have already received a “Trump Bonus” or “Trump Pay Raise” as a result of the historic tax reform package that President Donald J. Trump signed into law just before Christmas. President Trump said from the beginning that lowering tax rates, simplifying the complicated tax code, and making our companies more competitive would be the fuel that propels our economy to new heights. The preliminary results show that the president is right, and American workers and families are the big winners. And this is only the beginning. The president remains focused on empowering Americans to build more prosperous lives for themselves and brighter futures for their children.
The new law cut the corporate tax rate from 39.6 percent to 21 percent. It also lowered individual rates and closed loopholes.
Among the employers to give bonuses were AT&T, which gave $1,000 bonuses to its 200,000 employees; American Airlines, which gave $1,000 bonuses to 127,600 employees; BB&T Bank, which gave $1,200 bonuses to its 27,000 employees and raised the base wage from $12 to $15 per hour; Southwest Airlines, which gave $1,000 bonuses for 55,000 employees and $5 million in charitable donations; and Sinclair Broadcasting, which gave $1,000 bonuses for 9,000 employees.
For the full list of companies, click here.
This story was updated to include a comment from White House press secretary Sarah Huckabee Sanders.