President Trump’s corporate tax cuts continue to send highly visible ripple effects across America after their recent passage. A number of companies have responded by not only promising to create new jobs but also giving their employees big bonuses so that they can reinvest their own money into the economy.
AT&T, American Airlines, Bank of America, Comcast, PNC Financial, Southwest Airlines, U.S. Bankcorp, and Walmart are among the large companies that have given tens of thousands of their employees bonuses of up to $1,000, according to USA Today. Walmart also boosted their own minimum wage to $11 an hour.
Now, according to CNBC, Home Depot will be giving big bonuses based on employees’ tenure. Following a sliding scale, employees who have been with the home improvement chain for fewer than two years will get an extra $200 in their paycheck. Employees with 20 years or more with the company will get $1,000.
Home Depot CEO Craig Menear made it clear what led to the bonuses: "This incremental investment in our associates was made possible by the new tax reform bill. We are pleased to be able to provide this additional reward to our associates."
But Menear also added that the company was making other improvements by putting more money into the stores themselves and hopefully improving customers’ shopping experiences.
Also this week, coffee giant Starbucks — which has been accused at times of being anti-Trump — announced that they’re using their extra dough to give their employees more additional cash than any other major employer. USA Today reported that Starbucks will split $120 million among its 254,000 employees — according to Forbes — to give them wage hikes.
In addition to that, the Seattle-based chain will give hourly workers at least $500 in company shares and store managers $2,000 in shares. They will also boost their parental leave program and create 8,000 new jobs. Starbucks credited Trump’s tax cuts for the decision.
On Monday, Disney announced that 125,000 of their employees would get a $1,000 bonus. According to Fortune, even part-time employees are eligible.
What do you think about this? In urgent news, please keep an eye out for a missing 4-year-old boy. And pray that he’s found soon!