Manufacturers have promised that bold tax reform will allow them to invest more money back into their business, hire more workers and expand paychecks. As the final tax reform bill heads to President Donald Trump’s desk for his signature, those promises are already starting to materialize.
Aerospace manufacturer Boeing announced this week that, due to the new tax reforms, it plans to invest $300 million into workforce development, charitable giving and its facilities:
While Boeing is still studying all of the provisions of the new legislation, Muilenburg announced immediate commitments for an additional $300 million in investments that will move forward as a result of the new tax law:
$100 million for corporate giving, with funds used to support demand for employee gift-match programs and for investments in Boeing’s focus areas for charitable giving: in education, in our communities and for veterans and military personnel
$100 million for workforce development in the form of training, education and other capabilities development to meet the scale needed for rapidly evolving technologies and expanding markets
$100 million for “workplace of the future” facilities and infrastructure enhancements for Boeing employees
Boeing isn’t alone. AT&T announced this week that it would give an extra holiday bonus to its 200,000 employees due to the new tax reform. Wells Fargo and Fifth Third both announced they would be raising their minimum wage.
Manufacturers have already started the hard work of expanding, hiring and competing and are ready to kick into high gear after tax reform is signed into law.
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